Is Mobile Money Service a New Phase in Developing World?

The world population is 6.6 billion, and 4.6 billion are mobile phone users, 1.8 billion having bank accounts and 1.6 billion credit card holders (GSMA 2010). In the developing countries, more people having mobile phones as compared to bank accounts (Porteous, 2006). Different companies are providing a variety of financial services to unbanked like mobile payments and mobile banking. In different countries, these services are broadly available and highly popular. If you want to send money to Ghana, a money transfer service is no less than a blessing.

What is a Mobile Money Service and Its Features?

Mobile money transfer services can be defined as a movement of value that is made from a mobile wallet, accrues to a mobile wallet, and is initiated using a mobile phone (GSMA 2010). Mobile money services are offered by local mobile networks telecom companies that have a license to operate electronic payments. To register mobile money account customer needs to visit their local mobile money agent along with valid identity documents. With a Mobile Wallet, a receiver can purchase goods from different stores or online, pay school fees, loans, insurance, saving and withdraw amount anytime anywhere. If you want to send money to Ghana online, mobile wallet service is highly beneficial.

What is Mobile Money Services Adoption in Developing World and Its Challenges?

In the developing world, both domestic and international remittance is shifting from existing traditional providers to wireless carriers on the basis of technology and low-cost services. To send money online, mobile money is successful because it is much cheaper than alternatives to cash. In Kenya M- PESA is usually one third to one half as expensive as compared to alternate remittance systems. Some other benefits of mobile money include that it is safer than other alternatives of cash. It eradicates the chances of mugging. Before you transfer money to Ghana, make sure the speed and liquidity is another crucial factor of mobile money. In short mobile money transfer services are a more trustworthy and appropriate way of sending money globally. In Kenya, 13 Million people are a subscriber of M -PESA Service, and they are sending money to friends and relatives (Mas and Morawczynski, 2009; Jack and Suri, 2011).

Mobile money is the fastest growing industry that has some emerging risks and frauds too. It allows speedy settlement that may cause money laundering. Criminals may transfer the large amount into small ones and sent to multiple mobile phones and accounts (GSMA 2009). People may gather personal data of customers such as account number, PINs and identification details, which can be misused. Customer, agents and employees are the main participants of the Mobile Money network, by proper examination risk and fraud element can be eradicated.

To increase customers and remittances, companies should add Mobile services for money transfer to Ghana. Along with cash pickup and bank deposit, this is getting more and more popularity. Because mobile money is the future of next coming years, people have access to internet and convenient in receiving money in their wallet account.

 

Some people try and avoid the process to send money online because they feel that the process is too complicated and intimidating. What they do not realize is that this process can be made extremely simple and easy only if they put in some effort and do some research.

Once you get informed about the simplicity of the process, you will be amazed at how easy and straightforward it is to carry out the process to send money. This article is a complete guide for anyone new to sending money abroad. Here are a few things that should be considered when carrying out international remittance:

1. How to Select A Right Medium to Send Money Online:

 There are so many different ways through which one can send money to different countries. Each of these mediums has their pros and cons. Choose service providers like ACE Money Transfer to help you send the money abroad. Some mediums are more reliable, whereas others help send money on an urgent basis. It is essential to sit down and prioritize your needs. This will help you pick the right way to send money abroad.

2. How to Calculate The Expense in Money Transfer:

 No service in this world is available for free, and same is the case with international money transfer. Each of the channels of money transfer has their own expense that comes with them. It is essential to check what is the fee of the money transfer service. The best way is to visit the offices of the service providers and ask them about the price charged. It is important to ensure that there is no hidden fee, and the exchange rate is also being included in the expense.

3. What is Currency Exchange Rate?

 Exchange rates are a significant factor when it comes to sending money online. It is important to ensure that the exchange rate is favorable so that one can get the maximum return for the money that is being transferred. Many tools are readily available online. These tools can help get an excellent estimate of the current exchange rate of the currency in the market. Service providers can also be asked to assist in this regard.

4. How to Make The Transaction In Time:

 International money transfer can take some time. Some mediums can send money abroad within twenty-four hours whereas other channels require anywhere between three to five working days. In case you need to send money on an urgent basis, make use of the channels that can help you send the money urgently. However, if you can wait for a couple of days until the money is received, then any other medium can be chosen for this purpose.

Thanks to money transfer service providers, the process is now straightforward and easy. Try to understand it well, and you will get comfortable within no time. Make the right choice for money transfer to Ghana or any part of the world with ease.

We are living in a modern era where people rely on their smartphones for a variety of services. They prefer intelligent phones for ordering a cab, book a room in a hotel, booking flights and online shopping. It is because they have immediate access to the internet. People need to send money to their loved ones and business partners. Mobile applications are best to consider if you want to transfer money to Ghana online. For this purpose, they prefer the apps of online money transfer companies.

Why Considering Services of Reliable Money Transfer Companies?

There are also other means of money transfers, but online services are much preferred. But a lot of companies are providing online money transfer services. Considering services from different companies and then comparing them can help you a lot in choosing the best option. For this purpose, you can use other tools available on the internet. They compare other companies based on exchange rates and transfer fees and let you choose the best one

Various online money transfer services have convenient mobile applications. These applications allow people to send money whenever they want wherever they want. A lot of benefits are associated with money transfer mobile applications. Here are some advantages associated with mobile apps for money transfers:

Can You Send Money Online and Save Time?

Convenience is the priority of people these days. And using a mobile application to send money online gives you this benefit. If you are a sender, there is no need to withdraw cash and then send it. You can initiate a transaction at your home using your mobile if you have a healthy internet connection. In the end, you save your time, in which you can do other important things.

Is It a Secure Way to Send Money?

Using a mobile application for money transfer is very safe. You can complete your transaction at your home without worrying about it. You can have a complete track of your transaction on your mobile application.

Are Mobile Applications Easy to Use?

The best thing about the mobile app is these are straightforward and user-friendly. There is no need to visits the nearest office or bank branch to initiate a transaction. There is no need to worry about the cash problem you may face.

Online money transfer services are best to find if you’re going to help your relatives living in Ghana or wish to send money to your business partner. There are a lot of benefits to sending money to Ghana online. It is recommended to send money to Ghana online through ACE Money Transfer, as they provide you with the most reliable services. You can initiate your transfer while sitting at your home using their website or mobile application. Their transfer fees are low, and they offer compatible exchange rates. Give them a chance, and they will not disappoint you.