No-one can deny the impact the mobile phone has had on our everyday life. From being able to make and receive calls, send and receive texts, we now have the internet at our finger tips at any time and millions of mobile applications to choose from, all to engage every aspect of our lives. It seems fair to say that mobile devices now serve as multi-functional tools that most of us cannot do without daily.
Mobile money is a chance to use your mobile phone in order to transfer, withdraw or deposit money between banks, mobile money can even be referred to as the ability to train on a mobile device to buy electronic goods. Mobile money gas increased in popularity in past times two years especially because of its convenience and easy.
How Mobile Money affects you employing mobile money, you can utilized your mobile device too.
- Make payments at the point of sale (POS): Most retail stores that use this technology either scan or provide a facility to input the relevant code provided for the product being purchased and this allows the money to be deducted from the account linked to your phone.
- Make payments online: This also applies to paying for goods and services at Electronic Point of Sale (EPOS). This differs slightly to POS, with the main difference being that a code will have to be provided to the website where the relevant monies can be deducted from the account registered to your phone.
- Pay Bills and other services: The convenience of being able to pay for bills on the go is something that many find attractive. This option is popular in regions of the world that have a higher unbaked population (individuals without a bank account) but also reply on their mobile phone.
- Send money to another account: Mobile money can also be the act of transferring funds from account to account via wallet apps which are becoming increasing popular and mainstream.
With anything that involves technology and money, the issue of mobile transaction security, mobile hacking and mobile fraud issues have to be addressed. It is not unreasonable to assume that the more we use our mobile devices to make purchases and fund transfers then there potentially is a strong risk of an increase in mobile security threats which must be addressed pro-actively.
Omlis, a global provider of unbreakable mobile transaction security to financial institutions, payment service providers (PSP’s), payment processors, merchants and mobile network operators (MNO) amongst others also supports the idea that more people would gain the confidence and trust to transact via their mobile device if they fully trust the security measures taken by banks, merchants and payment service providers to provide substantial mobile transaction security.
The mobile phone is fast becoming an indispensable tool for most people on the move which means that mobile money has the opportunity to grow and become the normal way of transacting on the move. It does seem that there is still a long way to go until the issues of mobile money convenience and mobile money security are fully resolved.