Customers can get new wallets over-the-counter at supporting merchants, mall counters, etc. The creation process for these wallets is a lot simpler than traditional banking.
Mobile Money is a product where users get a virtual wallet instead of a physical account in some bank. While many banked customers may also use wallets due to its ease of use simply to keep up with the new and exciting features that these technologies offer. Specially customers who are currently out of the banking net. In the upcoming years, we’ll see more customers using mobile wallets. The ease of use with these new technologies almost makes cash and plastic transactions seem inconvenient. Now, transactions are possible with a tap of a finger, while in a moving vehicle, or while chatting with friends on a social media app, or when talking to your neighborhood merchant while buying groceries. The basic idea behind mobile money is to introduce mobility into banking system, moving away from brick-and-mortar branch banking. This brings out the more efficient ways to handle the financial transactions, keeping records and learning from business analytics. The growth of technology has opened gateways that no one expected before. One of these buzzed-about technologies is Mobile Money, which we’ll explore in this post.īranchless Banking is finally in a place where it can hold its own among the various electronic payment options in the market. Therefore it is not only an opportunity for such startups and related businesses (for example Telcos) to delve into the financial payments market, it is also high time for banks and other financial institutions to use their massive infrastructure and industry insights to develop new and exciting products through these evolving technologies.
Today, a small startup can identify, develop and market a single payment service and take away a big chunk of business. Thanks to the exponentially evolving electronic payment technologies, the banking sector is on the precipice of some dramatic changes.
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