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EMI - Digital Wallet

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  • Client: MJD Pay
  • Date: Jan 29, 2024
  • Category: FinTech
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Executive Summary

EMI is a strategic digital payment platform designed to support both B2B and B2C financial workflows in compliance with the Saudi Central Bank (SAMA). The platform enables: digital wallets, EBPP, payroll, P2P transfers, merchant payments, FX services, BIN sponsorship, bank integrations, KYC/KYB, fraud control, and modular architecture. It connects users, merchants, billers, service providers, and partner banks in a secure and scalable ecosystem.

The target segment will be Business-to-Business (B2B) and Business-to-Business-to-Consumer (B2B2C), in addition to secondary focus on Business-to-consumer (B2C).

Services:

Product 1: B2B “MjdPay”

Overview

B2B MajdPay lets billers (e.g., distribution companies) present payables instantly to business payers (e.g., grocery shops). Billers can upload invoices from their ERP/billing systems or generate them in the platform’s EBPP module. Members fund via virtual accounts (VIBANs) at connected banks for no-fee cash-in, then pay instantly.

Key Capabilities

• Invoice ingestion & presentment: API/SFTP/portal uploads (ERP), or author in EBPP for immediate payer visibility.

• Instant B2B payments: Real-time settlement to biller wallets; route to external rails when off-platform.

• Company payroll & mass disbursements (built-in):

  • Ingest payroll batches from HR/ERP (CSV/XML/API), validate, and apply dual-control approvals.

  • Smart funding via VIBANs, then instant credits to on-platform wallets or payouts over bank rails via Integration Hub.

  • Notifications (payslips/status), compliance gates (KYC/tier/sanctions), and full recon/reporting.

• End-to-end lifecycle: Issue → present → fund → pay → notify → reconcile → report.

Product 2: B2C “YMDY”

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Overview

YMDY is a consumer digital wallet app for everyday payments and money movement. It lets users pay merchants, settle bills (SADAD), send/receive P2P transfers, and create Qattah (group money requests/pots) — all with instant confirmations, real-time balances, and built-in rewards.

Key Capabilities

• Fast funding & withdrawal: Bank VIBAN/PG top-ups, withdraw to bank/Exchange networks/Other wallets when needed.

• P2P transfers: Send by mobile/alias/QR; scheduled or recurring.

• Merchant payments: QR (static/dynamic).

• SADAD: One-time and recurring payments with alerts for due/overdue; receipts saved to the wallet.

• Qattah (group money requests): Create a pot, set the target amount/deadline, invite contacts, track who paid, auto-nudge, and settle to your wallet or bill.

• Requests & reminders: Request money from contacts; auto follow-ups and expiry.

• Rewards & offers: Cashback, points, tiers, and coupons applied at checkout; wallet shows earned and pending rewards.

• Security: Device trust + PIN/biometrics, OTP step-up for risky actions, per-transaction limits, session alerts, and instant freeze.

• Statements & insights: Real-time balance, running statements, exportable receipts, monthly summaries, spend categories.

• Support & controls: Dispute a payment, manage beneficiaries, set per-channel limits, and control notifications.

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