MOBILE FINANCIAL SERVICES
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Mobile commerce consists of two categories: mobile financial services and mobile CRM. Due to limited payment methods and limited access to the internet, emerging economies tend to use mostly mobile payment and money transfer services. Developed economies, on the other hand, tend to embrace mobile banking services as an entry point into mobile financial services.
The proliferation of mobile phones globally together with the de-regulation of the financial services market has provided new opportunities for trusted brands.
There’s no doubt that one of the key drivers of consumer behavior is convenience. Too much of people’s lives are wasted in unnecessary queues waiting to pay for their goods and services. A few minutes here and a few minutes there might not seem like a lot but in the long run they add up to months of people’s time. Everyone would prefer to spend those months doing something more productive, it’s time you simply can’t get back.
Mobile financial services are a core offering designed to facilitate that additional convenience for people. In the developing world they also offer a means for those traditionally disenfranchised from banks (because of their low earnings)- a means of saving and paying without the need for full banking services.
By incorporating smart card services in mobile phones – people can “top up” their account at corner stores and markets where the transaction costs are minimal. In addition, people can transfer money easily and quickly between each other to pay for services. The funds are securely held so that losing a phone does not mean losing the balance and thus the rural poor are able to trust the service with their life savings.
Mobile financial services therefore play an important part in developing the local economy. When cash is deposited in banks it can be used to invest in local businesses. This is something that simply was not possible in prior times.
The proliferation of mobile phones globally together with the de-regulation of the financial services market has provided new opportunities for trusted brands.
There’s no doubt that one of the key drivers of consumer behavior is convenience. Too much of people’s lives are wasted in unnecessary queues waiting to pay for their goods and services. A few minutes here and a few minutes there might not seem like a lot but in the long run they add up to months of people’s time. Everyone would prefer to spend those months doing something more productive, it’s time you simply can’t get back.
Mobile financial services are a core offering designed to facilitate that additional convenience for people. In the developing world they also offer a means for those traditionally disenfranchised from banks (because of their low earnings)- a means of saving and paying without the need for full banking services.
By incorporating smart card services in mobile phones – people can “top up” their account at corner stores and markets where the transaction costs are minimal. In addition, people can transfer money easily and quickly between each other to pay for services. The funds are securely held so that losing a phone does not mean losing the balance and thus the rural poor are able to trust the service with their life savings.
Mobile financial services therefore play an important part in developing the local economy. When cash is deposited in banks it can be used to invest in local businesses. This is something that simply was not possible in prior times.
Making Mobile Financial Services available to everyone
Gemalto Mobile Financial Services