Beginning its operation earlier this year in April, the new mobile financial service‘t-cash’ is a reincarnation of Trust Bank’s attempt at MFS: ‘Mobile Money’. Planning to win the game in the long-run, Trust Bank eyes to achieve gradual growth and has big hopes for the service.
The robust product line of t-cash makes it stand apart from its competitors. Then there is the matter of cash in and cash out. One of the unique features of t-cash is that you can use this service to pay passport fees. Unlike other agents, you can pay your utility bills, national ID fees, recruitment fees, tuition and other fees of educational institutions through t-cash.
Although t-cash is quite new, Trust Bank is determined to maintain its presence. Since Trust Bank is operated by the Army, it has some accountability to them as well. Therefore, Trust Bank will support them on many fronts.
t-cash FOR FUTURE
Developing new services and working with fresh concepts is a distinct feature of t-cash. Trust Bank has plans to bring t-cash under an ecosystem. It will be an ecosystem where the cash does not go out once it is inside. You can say if someone wants to pay the tuition fees of a school, and also purchases a thing or two from a place, he or she will be able to withdraw the products. Even the credit card fees can be brought under the ecosystem of t-cash.
There is a plan to bring interbank transfer facility to t-cash while t-cash will work with MFS as well.
KEY STRATEGY FOR t-cash
The key features of t-cash’s strategy include pricing, technical support, agent network, customer base, service availability and branding. Although t-cash is a new entrant, the lopsided aspect of the market where one has taken most of the share and is transforming into some kind of a monopoly will not bode well. To offset this lopsidedness, the objective of t-cash is to bring something new and unique.
The pricing policy of t-cash is slightly better than others but lags behind them in terms of branding. These companies initiated their strategies in a well defined manner. The first aspect of this is network expansion. t-cash has around 1 lakh customers and over 10 thousand agent networks. There are three sides to the strategic theme of t-cash. One, expand network and deepen relationship, improve technological capabilities, segment based marketing and branding. Two, with the aim to produce loyal customers, a t-cash agent network will be set up for networking. In terms of technical development, there will be APP based solutions, giving value to NFC and QR codes and launching of the digital payment ecosystem. Thirdly, sales and marketing focused activities is one of the salient features of t-cash’s strategy.
There is a three-year plan with t-cash. In the first step, this will go for school banking, building quality customer base, network distribution, remittance disbursement, merchant payments, insurance products and other activities in the first year. The second phase of 1-2 years will include bulk payment, real time remittance disbursement, cash management and credit facility to agents and new utility service payments. In the third phase, t-cash will hope to have saving products like FDR, DPS, loan disbursement, and toll collection facilities.
Consequently, t-cash will work with different and separate segments. The garments can be a segment. There are also schools and colleges, small entrepreneurs that form big segments. This is how t-cash is looking to work in different segments. It is strongly believed and expected that t-cash payment will grow stronger and keep growing.