Why is that? Mobile Wallet - Advantages and Disadvantages 1. Over the years, the evolution of and use of mobile phones and other mobile devices such as tablets has offered society the opportunity to access financial services such as mobile money. The main merit of these relationships is that it is healthy and good for us. ➨Adoption of mobile money usually requires multi-party involvement (viz. wide acceptance of the system. ➨It avoids long travel to send/receive money or to pay bills by standing in long queues. agents, governments, corporations etc.). • Automated User and Merchant Onboarding Smart phones are needed for this purpose. (Availability to move money from bank to phone.). The best option is to be able to transact with all the three: cash, mobile money, debit cards. CDMA vs GSM, ©RF Wireless World 2012, RF & Wireless Vendors and Resources, Free HTML5 Templates. So is this a good thing or a bad thing? Relationship with your friends, Family-Members. Kenya. Mobile services have come up with methods to limit mobile money fraud, such as: Mobile service providers are further able to track down fraud cases and block your sim card from further purchases if reported. Difference between SISO and MIMO On top of that, you will need a rather large wallet to carry and store your money. Following are the drawbacks or disadvantages of Mobile Money:➨The customers are required to obtain compliance from the respected banks. Mobile Wallets or e-Wallets have been one of the biggest beneficiaries of the government’s demonetization move, with India suddenly waking up to the convenience they offer. Mobile money is now operated by four out of the six telecommunication companies (telcos) in Ghana (Quist, 2015). Banks and mobile money platforms have integrated their systems to the extent of syncing purchases from the comfort of your home. Mobile money model consists of banks, Cost. , you can now deposit cash instantly from your phone to your debit account and vice versa. Mobile payments are the future of paying for your stuff, and that future is fast approaching. ➨The ignorance and illiteracy from people need to be reduced in order to have On the other hand, money is considered to be the one thing that carries most germs. The supporters of electronic money point out that one of the main advantages is that it would end fraud and black money. However, your phone can still be stolen with cash on your sim card. You can top up at the merchants and now is easier to find the merchant. Mobile network connectivity is the biggest impediment. The Disadvantages of Mobile Banking Security. Not to worry, you can always call your service provider and replace your phone and sim and still have access to your money. But it is vulnerable to internet fraud and could potentially increase business expenses. It has increasingly become difficult … ➨It requires app to be installed which is not available in all the mobile phones. At the same time, it would be unfair to paint the cell phone industry under such a negative air. • E-shop Integration Banks have! Cash or mobile money against fraud Cash is vulnerable to theft. Do you prefer some money in hand or digital mobile money? At the end of the day, you just need to be careful and alert. MTN Mobile Money registration is quick and easy if you follow the right steps. Don’t waste your time because of cell phones, don’t use it much, always try to less use of mobile phones and save your time and spent it on good ways. The flexibility that comes with taking your phone everywhere is unmatched. On the other hand, mobile money is virtual and portable. People are … Mobile money prevents direct contact amongst people hence a healthier lifestyle. The balance in your e-money can be used for any transactions, wherever and whenever. Instead of having your hard cash redundant, wouldn’t you rather deposit it safely in a savings account and make a profit? ➨Customers need not require middlemen for money transfers anymore. This provides It is simpler for emergencies to be solved using mobile money because most companies have made room for such. FDM vs TDM inaccessible and/or having very low income. To deposit cash to your bank account, you might have to wait in line at your local bank, fill some paperwork then get served by a teller. In catastrophic times, using mobile money is a safer means of money transfer. Currently, mobile money allows you to send money to people around the world, allowing secure, comfortable and instant money transfer within the click of a button. Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the service. Time is money and money is time. Every person uses a mobile phone for daily life communication and business purposes. Cash is vulnerable to theft. With M-Pesa, you can open interest generating accounts like M-Shwari, which is free for depositing and saving. Hard cash is weight, especially if it is a significant amount. With mobile money, carrying your phone for transactional purposes is what matters. 1. Gold and silver coins are accepted even by foreigners, as they have got some intrinsic value. Push Notifications and instant updates. Phone: +254 (0) 207650878 • Card Payments acquiring and clearing for merchants great comfort to the customers. It’s a laborious task and takes a lot of time compared to mobile money transfers. Time is the most precious thing for the students but the excessive use of mobile phones wastes most of the precious time of the students. The e-wallet industry is said to be adding over 1 million customers each day after the announcement on November 8. M-Pesa is an initiative between mobile phone giant Vodafone and Kenya's Safaricom.Recent mobile money Reports in Kenya indicate that Over 50% of the adult population use the service to send money to far-flung relatives, to pay for shopping, utility bills, or even a night on the tiles and taxi ride home. It is true that many cases of corruption occur using cash, as it is more difficult to control. Accessibility. ➨Mobile money has lower transaction costs with improved security compare to credit card method. The invention of the cellular phone or mobile phone in the year 1947 at BELL labs in the United States has come a long way from being a huge device interconnection of several antennas. It is configured to your phone other than carrying it in your pockets. • The examples of mobile money solutions include Alepo, Obopay, DeeMoney etc. ➨They are distributed by vast network of agents which provides person to person contact and See how mobile money is a value add? • It provides support for financial services such as payments, transferring money, you can deposit your cash and save it in your mobile money for as long as you want. Disadvantages of Mobile Money Security - While sending money via mobile money transfers is safe, it is still possible that users may receive fake messages called "Smishing" which ask for Bank details and because of this, many users fall victim to scam and theft. Waster of Energy. P.O. In developing countries where health care is paid out of pocket, serious … The rise of digital platforms and the ease of access to e-commerce services has drastically improved. • E-wallets • It can hold not only money but also coupons, loyalty points, value and That way, you don’t get affected by the transaction charges for less than KSh 1000 purchases. It presents a number of advantages, including cost and time savings, increased sales and reduced transaction costs. Zenka Finance Limited • Closed and Open Loop Card Scheme management Mobile banking is a new term in digital banking, we can check account balance, transfer money to another account, open Fixed Deposit, open a new account and closed dormant account, pay bills and do many more through mobile banking. Payment platform Providers, Mobile subscribers and customers. MNOs (Mobile Network Operators), Payment Gateway Providers, Payment Processing Agents, However, while using mobile phones, we have to keep in mind that what are the advantages and disadvantages of mobile phones. Therefore, if you do not have mobile money, your purchases are limited to only cash-accepted transactions. The Benefits of Mobile Payments Customer Convenience. The benefits of mobile money are by far great. It offers a safety net. Advantages and Disadvantages of Mobile Phones – Today, in this article, we will read or discuss the main advantages and disadvantages of mobile phones. Part of the appeal is the ability to access your account on a mobile device whenever … This increases financial security and reduces inherent risks of cash handling such as loss, theft or fraud. Posta is quite insecure, time-consuming and expensive features that the first couldn... Terms of purchase, some people still prefer cash government at the same time, cash is unfamiliar! 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