A METHOD OF CONVERTING CASH INTO VIRTUAL CASH AND LOADING IT TO MOBILE PHONE CASH ACCOUNT

摘要

A method of receiving cash from an outlet through a mobile phone comprising the steps of: - customer requesting for cash-out at an outlet; - customer showing identification and filling up a form; - frontliner accessing the device and keying in command containing customer's amount of cash-out and sending this to telco; - telco verifying that customer's mobile phone is registered with the telco' s cash product services and that the amount of cash-out is available in the customer's mobile phone cash account and sending information to the device of the frontliner of the outlet; - frontliner of the outlet verifying that customer is registered with telco' s cash product service and advising the customer of the unique transaction code; - customer paying for cash-out fee; - customer keying in "CASHOUT" cash product command containing his PIN, amount to be cashed out, and his mobile phone number; - sending this command to telco; - outlet's device receiving a confirmatory message from telco of cash product service transfer; - customer receiving a SMS acknowledgment from telco of the completion of the cash product service; - customer getting cash from the outlet; - outlet's device receiving an acknowledgment of the completion of the transaction and confirmation number from telco in a format matching the outlet's device.