Mobile Money Transfer Software

‘Banking without Banks?’

‘Now that is impressive, when can we expect it, 2024?’

‘How long before the Japanese send the technology to everyone?’

Actually it’s already in full motion and it’s not the Japanese but Africans who are swinging with it.

In Kenya mobile phone banking has brought a change to life. Many of its resident’s and indeed that of the developing world live without bank accounts. They cannot simply go to an ATM when they are stuck for cash like those in more economically developed countries can.
This has made paying for things a little tedious when cash has abandoned you.

However, thanks to cutting edge technology and a joint venture between mobile operators, Safaricom of Kenya now provides M-Pesa.

M-Pesa allows mobile phone users to load their mobiles with money and pay for goods or services through text message. The recipient of the text message can go to the nearest vendor, present the text message and receive their cash (with the aid of a third party).

With the advent of this technology it has opened the doors for money transfer through international borders to take place using mobile phones.

As many residents of lower economic countries living without bank accounts, mobile money transfer has given them the opportunity to receive money from friends and family living abroad. This also saves money on travel costs as most people in these countries would have to travel from their village homes to towns for collecting remittance cash.

Issues arising from mobile money transfer such as money laundering have left many possible vendors sceptical about the service. These fears have been combated with the use of sophisticated mobile money transfer software.

The transfer software is able to comply with international laws on money laundering through the use of unique ID’s. Tracing illegal transfer requires identification and software provided by development houses are able to do that.

The emergence of this method of banking has yet to take off in more economically developed countries.

With the rise in smart phones usage we are becoming used to paying for things through our phones but that is still web based and from account to account.

We have not seen on a large scale people paying for commodities via a text.

Is that changing? The NFC system in use in Japan and Korea is set to be introduced into the UK.

The NFC system involves a microchip within smart phones that can be read by machines kept by vendors.

Slightly different to text but still a way forward in the mobile money transfer market.

Don’t say by to the bank yet.