Tag: Digital Payments

Mobile Money Basics : Part-2

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.

Digital Money - Adapting to a Cashless Payments Ecosystem

Digital Money – Adapting to a Cashless Payments Ecosystem

Payments industry of today has transformed into Payment-Intelligence and this intelligence came after a handshake with artificial intelligence and its bundle technologies. It would not be wrong if we compare it with either payment war, payment jungle or even just payment storm. The disruption in mobile payments domain brought in by well-known technology campus boys i.e. Apple, Android, Microsoft & Samsung can’t be ignored. Though all of them have no prior experience or knowledge in the banking industry. Yet these guys manage to force us to adopt digital money and discard the papers.

Strong Payment System Makes Powerful Economic Growth

Africa, especially the eastern and southern parts, is the home of mobile money. Mobile payments are the most frequently used and widely accepted technological payment instruments. Mobile Payment Service Providers (MPSP): A company or organization that partners with or develops its own open- or closed-loop payment instrument or card issuer to provide its business customers with a commercial payment tool.

Mobile Money Basics : Part-1

Established players are constantly anxious about protecting their hard-earned franchises, thereby confirming the emergence of the ‘new normal’. To further discussions on how to play the ‘new normal’, we analyzed the activities of a range of players and unearthed ‘8 core traits’ of likely winners. We believe embedding these core elements in the proposition, operating, and delivery models will enable players to ‘play to win’ in these turbulent times.

Internet of Things – Mobile Financial Services

As on date the most common use for sensors is telematics, which allows devices installed in cars (car tracking devices) to transmit location data to owners and insurers. This also includes ability to track-stolen vehicle and help in recovery, automatic crash notification, and vehicle data recording force full actions by controller over telematics infra. Telematics also extends to tracking ships, car and trucks for fleet management and route optimisation. IoT merged with mobile financial services can ensure you can get fuel

Can Banks ever win Mobile Payments/Money Games?

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.

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Financial Services – Payment Environments

“Open Loop Payment System” is an ecosystem where multiple parties are involved in every transaction. For example: Banks as issuers deal with consumers; brands are the cards: Master, VISA, American Express, etc.; processors are intermediaries who process transactions; ..

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Mobile Payments – Mythical Facts

What are the potential effects of utilizing mobile payments and solutions? Will it revolutionize the world, prove to be a major success, or simply be a clever workaround? Proximity-based payment methods such as mobile apps, SMS or USSD, and cloud or hosted mobile payments can provide worldwide support and offer financial institutions …

The Paradox of Dreams and Debt: Unveiling Economic Realities

The government’s support through policy direction, especially in the area of tax holidays, would significantly promote the growth of mobile wallet transactions and, for that matter, freedom from cash, i.e., cashless payments.

Payments Instruments – Physical and Virtual

The over-busy pace of change in payment systems – Paper, Online, Plastic, Mobile, eWallets, NFC stickers and Smartwatches, Facebook, Google Wallet, Microsoft; and and and ….. many many more; means that all businesses need to remain alert to the latest trends and developments. They and their customers will almost certainly start paying for goods and services in new ways now and in future. Innovations will continue new ways will continue to change and proliferate as time goes on. Payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services, or both, or to fulfill a legal obligation.

Evolution of Payments

The Evolution of Payments: From Traditional to Digital Experiences

Over the time, financial transactions have undergone significant transformation. In lieu of tangible currency or checks, we currently rely on digital transactions. They are simpler and faster. In ancient times, individuals were required to either use paper currency or engage in interpersonal communication to make payments. Currently, it is possible to make online payments without requiring physical interaction.

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Banking in the Digital Age: Navigating the Future of Financial Services

There is a lack of banking facilities for more than 2 billion people worldwide. Despite the fact that many of these unbanked people are located in developing regions, these adults call countries with emerging economies home.

Payments Empowerment: How Financial Inclusion Drives Payments

The rapid speed of innovation in payment methods has resulted in a plethora of options such as paper, online, plastic, mobile, eWallets, NFC stickers, smartwatches, Facebook, Google Wallet, Microsoft, and so on. It is crucial for all businesses to stay vigilant and keep up with the most recent trends and advancements, as the phrase “many many more” suggests.

Digital Payments

Digital Payments | Technology Advancement Era

With the increasing popularity of digital wallet providers, people can conveniently make payments for their daily essentials, leisure activities, and even education using only an email address, mobile number, or a few taps on a mobile app. Incorporating this feature into any payment process can greatly enhance its efficiency and ease. Payment serves as the foundation for the entire banking experience, but it is currently being challenged.

NFC as a Payment Channel in Mobile Financial Services

Why cant you and me get some small dust out of it. NFC is use since ages but never gorton attraction and attention we all know technically NFC is a wireless communication technology that permits data transfer over distances of up to 10 cm based on the ISO/IEC 18092 standard. Based on Radio Frequency Identification (RFID) technology, it has been used in various industries including retail, automobile, medical, transportation, and manufacturing.