As technology continues to evolve, mobile money accounts are increasing rapidly, especially in countries like North America or Great Britain with leading brands such as: PayPal, Google Wallet, Apple Pay, Square and Zapp.
It is obvious that the number of startups are also increasing by the day, as banks, financial service agents and retailers are launching their own personal channels.
The leading drive for this revolution is none other than smartphones which allow users to save, transfer and receive money with their smartphones, thereby reducing the need for physical banks.
Here are some of the pros of mobile money transfer:
Mobile money transfers are just as safe as traditional bank transactions. This is due to the fact that they are protected by local financial regulations such as the Consumer Financial Protection Bureau (CFPB) in the United States. Or the Department for International Development (DFID) in Britain. All transactions are protected by private Pin, while mobile money stores a record of each deal.
- Easily accessible
A lot of stress and hassle is attached to going to a bank physically for financial transactions. On the other hand, mobile money transfer is accessible wherever and whenever.
- Cost effective
Mobile money transfer saves you from spending excessive money in the high interest at the exchange rate of banks. Most banks offer mobile money transfer services at extremely or no charges at all and this makes the process very cost effective for customers.
Mobile money transfer makes it easy to pay your bills, transfer funds, check account balances, review recent transactions all through your phone. It basically covers everything including payment of utility bills, fees and international transfers to and from family and friends.
Finally, money transfer agencies still see mobile payments as the future for sending funds from one country to another and it is also obvious that more people around the world turn to mobile payment rather than banks because they consider it to be cheaper, faster, safer and more accessible.