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 developing countries, more people have mobile phones than bank accounts (Porteous, 2006). Different companies provide various financial services to unbanked, like mobile payments and mobile banking. In Ghana, Philippines, Pakistan, South Africa and Kenya, 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 The Importance Of A Mobile Money Service and Its Features?
Mobile money transfer services can be defined as a movement of value 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 a mobile money account, customers need to visit their local mobile money agent and valid identity documents. Mobile Wallet receiver can purchase goods from different stores or online, pay school fees, loans, insurance, and save and withdraw anytime, anywhere. To send money to Ghana online, mobile wallet service is highly beneficial.
How Mobile Money Services Adoption in Developing World and Its Challenges?
Domestic and international remittance is shifting from existing traditional providers to wireless carriers based on technology and low-cost services in the developing world. To send money online, mobile money is successful because it is cheaper than cash alternatives. In Kenya, M- PESA is usually one third to one half as expensive compared to alternate remittance systems. Some other benefits of mobile money include safer than other cash alternatives.
It eradicates the chances of mugging. Before choosing a service for online money transfer to Ghana, ensure the speed and liquidity are other crucial factors of mobile money. In short mobile money transfer services are a more reliable and appropriate way of sending money globally. In Kenya, 13 Million people are subscribers of M -PESA Service, and they are sending money to friends and relatives (Mas and Morawczynski, 2009; Jack and Suri, 2011).
Is Mobile Money A Fastest Growing Industry?
Mobile money is the fastest growing industry with some emerging risks and fraud. It allows speedy settlement that may cause money laundering. Criminals may transfer the large amount into small ones and send 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 Mobile Money network’s leading participants, 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 deposits, this is getting more and more popular. Because mobile money is the future of the next coming years, people can access the internet and conveniently receive money in their wallet account.