Introduction And Background Of Mobile Money Essay

Although SmoothPay has grown successfully as a business over a short period of time, many significant challenges have arisen and must be considered in their next strategic decisions to achieve a sustainable and long term growth. Despite SmoothPay offering a unique product that allows their users to make mobile payments, the majority of consumers prefer to do cash or credit card transactions. Because SmoothPay is currently a small business, their brand has not yet been fully recognized or established in their target market. As SmoothPay’s rivals continue to increase, the concept of using mobile payments in Canada continues to be slow.

there is a new world alongside this of mobile payments. Apple pay and Android pay are

In the case of mobile telephony, the customer must recharge the amount of money he wants in a kind of virtual money wallet. Subsequently, on each call made by the customer, the system will consume the money available in that wallet for every minute of the call. While there is money in the wallet, the customer can keep talking. As the

There are several advantages of mobile devices that help residents of sub-Saharan Africa to better receive information and facilitate communication. With the low-cost, rapid adoption of mobile phones, search costs to visit markets to compare prices and products have decreased dramatically. Residents can call markets or friends to obtain information about said prices and products immediately, instead of waiting for information via radio broadcast or conducting a person visit – which can be both time and cost intensive. In this way, they are also becoming active (instead of passive) participants in knowledge accumulation and transfer, as they can retrieve and communicate information from and to various sources.

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

If you want to manage financial transactions on your mobile, install the official mobile application of your bank. To make sure you have the right application, contact your bank directly or access their official website.

Mobile payment also referred to as mobile money, mobile money transfer or mobile wallet refers to payment services operated under financial regulation and performed from or via a mobile device. (www.wikipedia.org, 2016)

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

After decades of civil war and instability, Somaliland, a poor African nation had few banks. To overcome this problem, the country successfully cultivated mobile technology to carry out day to day transactions instead of cash. Even the street vendors in Somaliland accepts payments made through the mobile phone. On an average, a person does 34 transactions per month through their phone. 51 out of 100 people have mobile subscriptions and approximately 40% use the mobile money accounts.

. Mobile services not only offer a new, convenient channel for existing customers of banks, the technology will also provide access to 3 Bnstrong global unbanked population

The aim of the study is to evaluate the factors that influence the development of mobile payments, their strengths and barriers to development. I will present several key factors such as the impact on the environment and culture mobile payment changing environment, business or rapidly progressive changes in technology and relevant regulations and quite often set of new standards. I will discuss technical aspects such as safety and confidence in mobile payments, which is still not too high. So in the beginning it should be clarified what mobile payments are. Mobile payments also called m-payments are non-cash payments made by mobile device like smartphone or tablet and use mobile technologies such as. SMS, NFC, USSD, WAP. If we want to use mobile payments we

Mobile Banking is by far the best thing since sliced bread; having internet access on your mobile phone allows anyone to do anything that is needed, that is associated with a cellular device. The ability to transfer money from one account holder to the other is remarkably easy. I’m almost

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

Financial Management mobile enterprise can be used as general or typical device. The cost of voice and data are contained in the enterprise. tasks such as carrier contract negotiations, invoice processing and/or device requisition costs, creating

The scale at which Mobile banking has the potential to grow can be gauged by looking at the pace users are getting mobile in these big Asian economies. The explosion as most analysts say, is yet to come as India has about one of the biggest untapped markets, China and South Korea all three of these countries have seen gradual roll-out of mobile banking services, the most aggressive being Korea which is now witnessing the roll-out of some of the most advanced services like using mobile phones to pay bills in shops and restaurants.