What is mobile money technology?
Mobile money is a technology that allows people to receive, store and spend money using a mobile phone. It’s sometimes referred to as a ‘mobile wallet’ or by the name of a specific service such as mPesa, EcoCash, GCash, Tigo Pesa and many more.
What is mobile money and how does it work?
As per the IMF’s Financial Access Survey, mobile money is a pay-as-you-go digital medium of exchange and store of value using mobile money accounts, facilitated by a network of mobile money agents.
What is the role of mobile money?
Mobile money is a way to store and manage money in an account linked to a mobile phone, similar to a bank account. Mobile money users can send money to other people, pay bills, and purchase many things, including mobile airtime. Airtime (also known as mobile recharge) is used to make phone calls, send SMS, or use data.
What is mobile money example?
Examples include pre-paid cards, electronic purses, such as M-PESA in Kenya, or web-based services, such as PayPal. As such, e-money can serve an umbrella term for a number of more specific electronic value products and services. Electronic Money Institution.
What is the difference between mobile banking and mobile money?
The difference between Mobile money and Mobile banking is that mobile money enables only person to person(P2P) payments and Mobile banking enables all kinds of transactions with addition to other services. Through Mobile money, one can pay, receive and store money with the help of a mobile phone and internet.
Is mobile money digital money?
Mobile Money Is The Preferred Digital Payment Method In Ghana – Stanbic Bank. According to the report, the number of mobile money subscribers increased by 15% in 2020 with an estimated value of transactions at GHS589 billion.
How do mobile money agents make money?
Commission is that money received off every mobile money transaction made by a mobile money agent. The agent earns commission from the deposit, withdrawal, buying airtime and paying bills for the customers.
What are the components of mobile money?
Services Offered: Mobile money services typically offer a subset of the following services – Peer to Peer money transfers (P2P), remittances (domestic and / or international), bill payment / receipt, salary disbursement / receipt, retail payments, and money storage / savings.
What is mobile money in Maybank?
Maybank Mobile Money (MMM) allows the Sender (Maybank customer) to send money via his mobile phone to anyone with a local mobile number. MMM is available via Maybank Mobile Banking App (search for ‘Maybank SG’ in App Store or Google Play). To send funds via MMM, you have to be a Maybank Online Banking customer.
Is mobile wallet and mobile money the same?
While mobile wallets store money digitally, mobile payment systems allow you to spend money digitally. Android Pay, Samsung Pay, Google Pay and Apple Pay are all examples of mobile payments.
Who is a mobile money agent?
MOBILE MONEY AGENTS 101. The mobile money agent is the provider’s retail arm, supporting cash-in/cash-out transactions as well as person-to-person fund transfers, mobile phone airtime purchases, and bill payments. Like the traditional bank agent, the mobile money agent operates like a franchisee.
