Payments – After the year 1980 we have witnessed the rapid transformation of payment methods/instruments. From Cash papers and coins to bank cheque to mobile money. The form money has also got transformed big time from paper to bits and bytes i.e electronic. Monet got transformation from being […]
Accessibility is a critical success factor for any service. The role of informal institutions in providing financial services to the members of the community, and concludes by highlighting the opportunities these are present for formal financial service providers but in order to ensure accessibility of banking services, a bank has to have a wide branch network of fully branded brick and mortar marble banking halls with all the necessary security systems. The set up costs of these are so high and to recoup the same, the bank has to pass on the cost to the ultimate consumer.
Financial payments and banking started in a very inefficient and traditional way which was slow but still acceptable to the customers due to the stage in the information age. Initially, almost all the fun and joy in terms one double zero percent in shape of activities in the financial services (Except Non-Banking Services) space was attributable to banks with all the revenue being collected by the same entities…
Alternate Payment Method i.e Mobile Payments – In current times, almost everyone has a mobile handset/device in their hand but these devices may differ in type/model/form. Some devices are equipped with more innovative features and enhancements which help daily life to ease down on some front. This post was originally […]
Mobile Money and Mobile Banking are viewed under the same umbrella and are currently encapsulated in a financial world which is either too complicated or is viewed as complicated. Mobile money requires phone number as account number while Mobile banking requires bank account number as primary transaction identity. As far as Mobile Money and Mobile Banking are concerned