The discussion for our post focus around Mobile Money, Mobile Payments i.e person to person, person to business etc. New ISO standard 12812, recently appeared in 2017. This standard has 5 parts and part-1 defines the general framework of
To draw a rough sketch of exaggerated scenario of how these two technologies (AI & FinTech) may interact with us in the future and what warrants the, perhaps perplexing, 2 super powers. AI’s Control systems are widely used. They govern how a simple thermostat adapts to a target temperature.
MNO’s speed to achieve their goal to standardise, automate, digitise, remove boundaries by brining cross order financial/remittances service in form of payments, cash, airtime, paperless and online. At the same time banks are still in their canteens with their coffee mugs without any sign of worry but in reality all African banks face tough challenges from MNO’s & Fintech players.
Mobile Money, Mobile Payments, Mobile Banking and Mobile Commerce can be termed Mobile Financial Services. The magic word known as “Pay” has gone viral in today’s time and every day we have 1 or 2 new startup’s entering the payment industry, specifically into the Mobile Payment domain. Mobile phones can be used to deliver a range of banking services. Not from Banks, I am separating banking and banks. Banking services dont need banks any more. Transaction data can be used to develop customers’ credit histories to offer other top-up services.
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…