What is mobile money and how does it work?
It is a financial service offered to its customers by a mobile network operator or another partner entity of mobile network operators, independent of the traditional banking network. A bank account is not required to use mobile money services – the only prerequisite is a basic mobile phone.
What are the pros and cons of mobile money?
Mobile payments can be convenient, fast and secure. They can, however, be expensive and still vulnerable to technological problems. In particular, if there are problems with the host phone, mobile payments will not be able to work at all.
What is a mobile money agent?
MOBILE MONEY AGENTS 101. The mobile money agent is the retail arm of the provider, supporting deposit/withdrawal transactions as well as person-to-person funds transfers, time purchases mobile phone antenna and bill payments. Like the traditional bank agent, the mobile money agent operates like a franchisee.
What is another name for mobile money?
A mobile payment, also known as mobile money, mobile money transfer, and mobile wallet, is any of various payment processing services operated under financial regulations and executed from or through a mobile device, as a class cardinal of digital wallet.
What is Mobile Money?
10 related questions
What is a money mobile?
Mobile money refers to financial transactions and services that can be performed using a mobile device such as a cellphone or tablet. These services may or may not be directly linked to a bank account.
What is the difference between mobile banking and mobile money?
A bank account is not required to use mobile money services – the only prerequisite is a basic mobile phone. On the other hand, mobile banking involves using an application on a mobile device to access and perform banking services, such as check deposits, balance inquiries, and payment transfers.
What is the difference between mobile banking and the mobile app?
Mobile banking requires the internet to be connected to your mobile device in order to manage your finances. A mobile banking app usually gives you access to similar (although sometimes slightly fewer) features as you would find in online banking, but this must be done on a smartphone or tablet.
What is the difference between mobile money and mobile wallet?
The main difference between the two is that mobile wallets allow contactless in-person payment at many stores.
What is used to identify mobile money?
Mobile Money Identifier (MMID) is a seven-digit number issued by banks to conduct financial transactions through the user's mobile phone. The MMID is a code that allows interbank transfers to be made via the mobile banking platform.
What are the two types of mobile banking services?
– Mobile banking is categorized into 3 types – App based banking, SMS banking and USSD banking.
– Mobile banking apps encompass the widest range of banking services.
– You can transfer funds, make investments and reserve FD through app-based banking services.
How do you use mobile money?
– Register with a money transfer service by creating an account and making a deposit.
– Use provided short text commands to send money to your friend's phone number or account id.
– Receive funds by requesting and accepting SMS payments.
How do you identify mobile money?
Mobile Money Identifier, which is also abbreviated as MMID, is a unique seven-digit number used for interbank transfers during mobile banking using the MMID feature. Each account holder will have an MMID and this will help in the identification of a particular bank account.
Can I transfer money from MoMo to my bank account?
Yes, the MTN MoMo service allows you to link your MoMo account to your bank account and transact at your convenience.
What is a mobile money wallet?
A mobile wallet is a digital way to store credit, debit, ID, and gift cards so that purchases can be made using a smart mobile device rather than a physical card.