By facilitating secure payment with cash and establishing trust between two parties, OlyCash helps families and cash-based businesses grow their income and make their market much bigger.
It also reduces corruption, fraud and improves tax collection schemes for regulating bodies and governments.
OlyCash works with a mobile phone or email address. Therefore, it gives folks access to their money regardless of location and remoteness by being reachable in most situations where cash is being used or needed, such as:
- Offline via
a) Seller Posters - send yourself one by web or from the OlyCash app.
b) Debit Codes - QR code representing cash escrowed with OlyCash or another registered business and obtained from the OlyCash app or nearest OlyBoss
- SMS Currently available in:
Uganda Read details.
- USSD Currently available in:
Uganda on MTN, Airtel telecom networks.
- Mobile App on smartphone and tablet for iOS and Android
- Online via
a) Seller Listings
b) A self-generated widget installed as a WordPress plugin or copied to the merchant's website or mobile app.
c) A browser extension for publishers to get paid for their content and readers to manage links to their paid content.
- Developer integration via API
Using OlyCash Codes
In addition to third-party options like Mobile Money, OlyCash provides a way to asynchronously use cash payments in transactions. This means that a third-party doesn't need to be available to verify a transaction. This is done through codes. A code can be either a Debit Code (cash-code) or Credit Code (promise-of-payment code).
You can use a Debit Code to make a no-charge payment and avoid moving with cash or to pay where no card terminals are available. A Debit Code works like a non-reloadable, PIN secured code tied to a bank-issued payment instrument such as a giftcard. It can be used to make future payments until depleted.
This Debit Code can be either:
- Secured (green QR code) - For which funds are escrowed with OlyCash (gift-card issued with OlyCash).
- Unsecured (blue QR code) - For which funds are escrowed with a third-party seller and the code can only be used with this seller.
Obtain your Secured Debit Code using your account by "Withdraw to Debit Code" in the OlyCash app or an Unsecured one at your desired business location. You receive a notification of your Debit Code usage and new balance after completion of a purchase.
You can also promise to make a payment on an item by requesting that the Seller or service provider issues you a Credit Code that you can fund using the OlyCash app, by SMS or at your nearest OlyBoss location. This is helpful in credit transactions such as funded-sales.
Funding a Credit Code has to be done before its expiry date or the item shall be released for selling to another shopper. In case of services paid with Credit Code, a service provider may request funding before providing the service and the code simply reserves your place in line. In addition, the service provider may charge an extra fee pre-arranged in the service offering or item credit sale.
How selling using a code works.
Make Direct Payments
Using the OlyCash app or SMS service, make a direct payment to any valid telephone or email contact. You can also direct-pay by scanning a QR code on an OlyCash poster at a seller's store. You may choose to pay from your available balance or a Debit Code and confirm the payment with your secure four-digit PIN.
To receive a payment with OlyCash, you can send a payment request in the OlyCash app or generate an OlyCash widget to add to your website or app.
When a payment is made, you are notified by email and/or SMS. Your funds are also instantly added to your OlyCash wallet. Please note that if the transaction includes delivery of a physical purchase, funds may be added to your OlyCash wallet as PENDING until delivery.
If a shopper requests a Credit Code from your online listing, you are notified about the payment and the buyer is given time to fund the Credit Code before it expires. As soon as the Credit Code is funded, the amount is added to the seller's OlyCash wallet for delivery of the purchase.
How selling of a physical item works for restricted accounts.
Earning with OlyCash
You can earn extra cash by becoming or owning legal entities which convert cash-to-eletronic-money and the vice-versa as per the laws of your location. An OlyBoss is a cash point in the OlyCash ecosystem and may be an individual, a business such as a grocery store, or a machine such as an ATM. You set your own fees and are referred to as an OlyBoss. To become an active OlyBoss, you need to have
a) a funded OlyCash account or a linked electronic account and
b) a verified account that has passed Know-Your-Customer (KYC) and Know-Your-Business (KYB) checks.
An OlyBoss is expected to be an established business or an individual operating as a sole proprietor.
You can offer the following services as an OlyBoss to your community:
- Facilitate bill payments,
- Issue Debit Codes to shoppers,
- Cash out secured Debit Codes,
- Fund Credit Codes that were issued to shoppers by sellers,
- Register and verify OlyCash customers and
- Respond to questions about OlyCash based on your knowledge of the service and experience.
A word of caution: You are not allowed to force customers to come to you for OlyCash services or engage in unfair or illegal practices for your country of location. This includes money laundering, fraud, conniving for theft of funds and taking advantage of disabled or illiterate customers. Please review our terms if in doubt of your responsibilities as an OlyBoss.
That said, we can not wait to see how you grow the power of your cash! It is free to get started.