14 DAY TRIAL // A financial transaction by mobile phones is not a new concept. The system has been available for some time now and could use certain regulations for making the entire process easier to handle and more accessible to its users.
The importance of this type of services is clear especially when considering the fact that a large number of people use them for transferring money. This type of money transfer has been firstly used in Kenya, through Safaricom, under the M-Pesa brand. It proved to be a great success here, which set the grounds for taking it to an even higher level.
The service has turned out to be highly appreciated here especially due to the poor services that people receive through normal banking processes. Moreover, taxes for governments turn out to be lower than those of old fashioned situations. Other advantages show this type of service as being more secure, less time consuming and also brings secure savings opportunities.
Still, Vodafone emphasizes certain matters which prevent this type of service from being adopted at an even larger scale. The fact that people can transfer only small sums of money manages only to impede cellular money transfer from being a solution for relevant processes. With this in mind, they consider that mobile phone financial services providers should benefit from the same amount of options as cheques, according to local regulations.
The number of companies which turn to providing money transfer services through handsets is growing. This is why, Vodafone also asks for regulations to provide inter-operability of transactions as to make the service profitable for both the user and the provider.
The advantage of making this possible could be seen in time, through more accessible services and lower overall costs. Moreover, with the continuously growing number of mobile phone users, this has high chances of developing as one of the most efficient solutions for money transfers.