What Is Mobile Money and How Does It Affect You
No-one can deny the impact the mobile phone has had on our everyday life. From being able to make and receive mobile legends hack 2020, 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 multifunctional tools that most of us cannot do without daily.
Depending on the connection speed, whether 2G, 3G or 4G, our mobile devices provide us all with instant connectivity to the internet wherever we are. Using our mobile devices, we now make decisions about where to go and what to buy and even manage our money through banking and wallet apps available and this is where the idea of mobile money is introduced.
Mobile money is the ability to use your mobile phone to transfer, withdraw or deposit funds between banks or accounts. Mobile money can also be referred to as the ability to use a mobile device to buy physical or electronic goods and services. Mobile money has increased in popularity in the past two years especially because of its convenience and ease of application to everyday life.
How Mobile Money affects you
Using mobile money, you can use your mobile device to…
• 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.