Mobile Phones in Emerging Markets

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

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

Technology in our country is constantly evolving. One of the most popular technologies used every day by billions of people are cellphones. Cell phones have created a huge impact in the way that we communicate, research, and spend free time.

Cell phones in the U.S. have changed us. They have changed us mentally and physically. This has also changed some of our history. Cell phones have also made some problems. Some of the effects that this has caused are effects on the brain, communication, and social.

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

Cell phones originated in the United States in 1946, as a signal to an unused channel. Then, the calls got connected to an operator, which he or she would forward the call to the other party. While having a conversation, you were only allowed to talk to one person at a time. Adrian Lee (www.express.co.uk) says, “The weight of the phone used to make that call was about the same as a bag of sugar (2lb). The brick–like battery required, which allowed a talk time of just 30 minutes and took 10 hours to charge, made carting it around even more of a chore.” Technology has advanced, critically since then, a smartphone allows the person to call, text, e-mail, play games and much more. People are depending on their cell phones for everything they do, which includes using cell phones while driving. Adrian Lee (www.express.co.uk) also stated drivers ' reactions are a third slower when talking on a handheld mobile than when under the influence of alcohol. Why is using your cell phone a bad thing while driving? Cell phone usage should be limited while driving to protect their lives, prevent killing innocent lives, and avoiding issues with traffic laws.

In today’s society, smartphones dominate as one of the top accessories, but there might be a problem lurking beneath that shiny exterior. Cell phones have made a dramatic advancement from the bricks with antennas to the sleek touch screen that seems to occupy the hands of every teen and working adult. These smartphones act as a status symbol for what’s in style as well as who’s on top of the social pyramid regarding the large variety of social media that can be accessed through such a small device. The younger generations might argue that cell phones are absolutely necessary in today’s society, yet youths display behaviors that create a block between their person and the rest of the people around them. While smartphones are a popular accessory, there are issues of overuse that can lead to detrimental behaviors regarding face-to-face communication and healthy behavior.

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.

Bright screens, large screens, small screens, tall screens, wide screens, touch screens and more and more screens. These are what are taking over our brains and consuming our time. Technology is advancing and people are taking advantage of it, but is this a good thing? Cell phones are taking over people’s lives and the pattern is going to continue if people keep using cell phones the way they are, and allowing their children to use them equally as much. One 's relationships, values, and time management would all be better if cell phones were not as significant of a part of people’s lives as they have become. Howard Rheingold says it so beautifully and accurately. Cell phones and other technology is changing the world and, “will enable people to improve life and liberty in some ways and to degrade it in others. The same technology has the potential to be used as both a weapon of social control and a means of resistance. Even the beneficial effect will have side effects.” Cell phones seem to have many wonderful things about them, but even the good aspects have the potential to cause something undesirable. These undesirable things can include: reliance on the device, exposure to dangers and violence, and even a form of addiction. The world needs to take a break from cell phones and a break from technology. If people cannot live without cell phones, then is it really living life with them?

Everyday, smartphones, laptops and tablets can be seen being utilized everywhere. Rather if is it during a lecture, out at lunch, or even in the bathroom; the world is filled with technology. Technology and technological advances in communication, such as smartphones, were initially introduced in society to connect individuals together. However, because of the growing obsession of smartphones and technology, it becomes evident that technology is causing an opposite effect. The addiction of smart phones and technology has pushed individuals even farther apart. Further, in cell phones, an individual has a different life unknown to the people around him or her. In other words, individuals with cellphones are living two different lives that is unable to live simultaneously. It is because of the separation of these two lives that inhibit the individual from living his or her own authentic life. This is because the technology consistently distracts the individual from living his or her own genuine life, and ultimately distracts them from living through real experiences. In Ruhl’s play, “Dead Man’s Cell Phone,” Ruhl portrays the idea that advances in technology and communication has inhibited and distracted individuals and other around him or her, from truly living their authentic lives away from their cellphones.

Everywhere we look today we see someone using some kind of technology, cellphones especially. Cell phones nowadays are a must for everyone. People are either texting, calling, emailing, or checking some sort of social media website. It is hard to go anywhere nowadays and not see people on their phones. What would people today do without their phones? They would end up falling apart and feeling lost. Cellphones in general are just a distraction anyway and lead to people relying on them too much instead of having a face to face conversation.

Zoona is the leading low-cost mobile money provider in Zambia. The company’s core product is a mobile-based Zoona account. Transactions are processed through a network of Zoona entrepreneurs, enabling them to process money transfers, pay suppliers, and access working capital financing. These Zoona entrepreneurs provide members of the public the service’s end users with a quick and safe money transfer service, along with third-party cash-in-cash-out (CICO) services. The Zoona back and middle office teams are based in Cape Town South Africa, with operations teams working in Zambia, Mozambique and Malawi. The company is planning to expand into several new markets in the coming years. “(GSMA Mobile for Development, 2014)”

In the twenty first century the world has advance so much by technology you can hardly recognize the world from ten years ago. Realistically it is hard to recognize technology from as much as two years ago because technology is evolving so quickly. It is hard for the most technological savvy individual to keep up with the next technological innovation that is about to hit the market because it is evolving that fast. Technology is evolving at such a rate that it is even hard form the leading manufactures of technology to gauge what is going to be the next great technological innovation to hit the market and be able to stay for any period of time with any accuracy.

The worldwide smartphone market grew 25.3% year over year in the second quarter of 2014 establishing a new single quarter record of 301.3 million shipments, according to data from the International Data Corporation Worldwide Quarterly Mobile Phone Tracker. The global smartphone market has witnessed extraordinary growth in recent years, with shipments rising by 40 percent in 2013 to exceed the 1 billion unit threshold and $266billion in value. CCS Insight forecasts smartphone shipments of 1.89 billion units by 2018.