Case Study Of Zoona Payment System Work

Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Financial institutions are expanding the services offered through mobile banking to attract younger customers as well as reduce costs. In an effort to reduce costs, banks are investing in technologies to change the banking landscape with do-it-yourself banking, teleconferencing with customers, eliminating paper, and reducing branch size.

Business correspondents are the key players in Microfinance sector with technology-based transactions they are provided Point of Sale (POS) devices and doing EKYC through the finger print technology. They use Micro-ATM (POS) handheld device to perform basic financial transactions like Deposit, Withdrawal, Funds Transfer, Balance Enquiry, Mini Statement and other remittance. The below table depicts the POS based transactions during last five year across various

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

Surprising to most, Africa is the world leader in online banking and mobile money transactions. The continent faces many challenges and difficulties, but Africa is evolving and already boasts numerous economies.

The study came to a number of conclusions among which states that, the provision of mobile money services by various service providers has had a positive impact on the performance of the banking institutions. It therefore recommends that, banks should conduct research on other possible mobile money services packages that are user friendly and develop them so as to enable deposit/withdraw of money using mobile phone which will meet different customer requirements and capture market niches that competitors have not identified hence expand on the market share leading to

There had been a lot of improvements in the field of payments at stores and through Internet. New innovative systems have achieved a high level of use and they have become very helpful for consumers in their daily lives. Appendix 1 outlines the framework of factors impacting the mobile payment services market (Dahlberg et al., 2008).

Mobile Payments will similarly experience this trend. The MIT Technology Review recently created a report, entitled “The Future of Money,” which looks at the overall industry and factors leading to greater digitization of payments. Mobile phones have been a catalyst for much of the change, but it is important to remember that it is still very much a cash-based world, as estimates show that 85% of consumer transactions worldwide are still done with paper bills and metal coins. With 2.5 billion people unbanked, it is clear banks have not been able to appeal to or service this segment in a cost-effective manner using today’s cash-based and card-based payment services. New digital and mobile technologies provide a potential solution which can lead to much greater financial inclusion.

Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access.

The market for mobile payments is growing at an all time high with a projected increase in global mobile payment volumes. In fact, payment transactions are expected to increase 22% by 2017. The market landscape of mobile payments

Introduction Mobile Commerce – Business Context Mobile Commerce Strategy Mobile Channel Strategy Mobile Marketing Mobile Sales Mobile Service Mobile Payment Mobile Wallets Mobile Commerce Transaction Mobile Banking and Mobile Money Mobile Commerce Transformation Roadmap Mobile Commerce – Payment Business Scenarios Card based Mobile User to Business – Payments (CM2B) Mobile – Wallet – User to Business – Payments (M2B) Mobile – Wallet Mobile Users to Mobile User – Payments (M2M) – Remittance Services Mobile – Wallet CrossBorderM2M Mobile – Wallet Cross Border M2Account. Mobile Commerce – Payment Processing Models Card based

(Reddick, 2010).The service has proved to be the perfect consolidation between mobile phones and banks for different business strategies, considering the veritable convenience of being able to manage a bank account, pay bills and engage in innumerable financial transactions at the touch of a button.(Zavoral, 2011)

Mobile money services in Tanzania and Kenya emerged when there were no laws governing National Payment Systems for mobile payments and there was no adequate regulation of mobile payments.

The business’ vision is to protect and preserve large tracts of unspoiled land in Africa for subsequent generations. The organization is committed to the environmentally-conscious hospitality, empowerment of local communities, and sustainable

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”