Mobile technology is at the forefront of thriving businesses and consumerism both in mature economies and untapped markets. It is paving the way for new businesses and transaction opportunities alike. In this blog, we will dive into the critical aspects of global mobile money transfers, its complexities, and how to navigate them.
In the days before mobile money transfer solutions, transferring money required using Western Union or similar wire transfer services, but today, you simply touch your phone. Innovative new mobile applications and simple text messages allow allocation of funds via the cloud. All it takes is registering an account, and setting up login credentials by linking your bank account. From there, you’re free to send and receive money with the same ease as texting a friend.
However, mobile money transfer solutions are not limited to sending cash to friends. Money Transfer software also has a standard bill payment module included, enabling users to accept and electronically transmit bill payments. If you use services to transfer money locally or abroad, then it makes sense to also be able to pay your bills at the same time. Many bills can be paid electronically as quickly as next business day and some even in real-time. That includes paying for utilities, insurance, and mobile phone bills, as well as cash delivery at home. Consumers have even been known to send money to themselves if they have a mobile phone or bank account overseas; there truly is no limit to the versatility and utility of mobile money transfers. This is important because an expanding international migration spearheads the international mobile money transfer market; people who migrate with the intention of sending money back to family members and friends need a reliable, convenient, efficient, quick and affordable service to use for all of their monetary transfer needs.
The amount of money transferred around the world annually exceeds $500 billion, making mobile money transfers all that much more pivotal to today’s economics. Money transfers are transactions that can be done between friends and family even in different countries; not only for personal use, but businesses as well. More commonly, however, mobile money transfers are carried out by foreign workers who send money home to family members.
The support of smart phones is mandatory, even with devices on the obsolete side of the technological spectrum.
Given that, security comes to mind when transferring money via a mobile device. The question that’s asked is: Are mobile money transfers safe? And the answer to that is an absolute yes, because mobile payments are regulated. Mobile Money Services must be licensed in the state they operate their business, and comply with suspicious activity reporting and money laundering regulations enforced by the Financial Crimes Enforcement Network of the Treasury Department. Continued advancement of technology pertaining to mobile payments are also making them more secure with authentication of payees and remitters.
What makes mobile money transfers convenient and flexible isn’t just the ease of the software, but also the ability for anyone, even with a seemingly limited computer and software experience to use the services. The apps are like self-taught tutorials in themselves, with easy to follow instructions in set up and simple-to-follow commands even for the uninitiated; not to mention it’s affordable to users because most services are free of charge.
A large span of mobile money transfers resides in assisting the rural and poor urban sects where service providers must access this customer demographic, even though some of these customers cannot read and write; therefore, the software they use must have Dynamic IVR Support (a phone service.)
As Mobile Money Transfers continue to expand, particularly into previously untapped areas such as rural areas, the software solutions can serve these areas also by providing USSD (Unstructured Supplementary Service Data) and SMS support.
Mobile network operations used to be very simple; usage-based service plans for voice and text messaging provided a limitless stream of recurring revenue, but the smart phone and data changed all of that. The revenue from data plans profited billions of dollars in network upgrades while data usage when the iPhone was released almost wrecked the networks.
Rural and remote international areas can have unstable telecom and data networks because they are meagerly covered and not considered a viable business case by telecommunication operators. Continued growth in urban areas only makes the gap between urban and rural areas all the wider. Furthermore, the growth of wireless infrastructure isn’t keeping up with the growth of data usage, and this is exacerbated in rural and international areas where service was spotty, to begin with. Going forward, enhanced USSD and SMS support will help mobile money transfer service providers better serve these remote locations.
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Here at Telepin, we preemptively prevent issues from affecting your business by using the most innovative, up-to-date monitoring tools in order to resolve issues quickly and more efficiently before they can negatively impact customer experience. We can also support your business by defining additional service offerings that facilitate the enhancement and diversify your offerings from those of your competitors.
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No matter where people live, they still need a safe way to send and receive money. This means the market for mobile money transfers is effectively spread across the entire globe, and making the technology as accessible as possible, is important. The mobile payments market may be complex, encompassing many facets such as bill pay, simple remittances to friends and family locally, and international money transfers, but partnering with Telepin can help you navigate these complexities.
We can enable you to a group of experts to your team for a consultative experience of problem-solving, creative integrations and solutions. Upon integrating into your customers’ teams, they generate efficient, lasting results per your requirements. With 20 years of experience and an understanding of all the system requirements associated with mobile payment solutions, we’re uniquely capable of helping you drive your business forward.