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.
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
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.
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 …
Android Pay would be available through a set of APIs that will allow developers to add an Android Pay button to their app and banks to enable payments in their applications on Android devices with KitKat 4.4 and above. Just imagine how powerful this central payment hub would be for consumers as the payment cake size continues to increase and upgrade with new ecosystems, applications, and devices coming to market.
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.
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.
Today’s consumer expects a seamless mobile payment experience; failing to meet those expectations can be devastating to a brand, idea, innovation and eventually the payments industry. Banks in particular will need to move swiftly if they are to take advantage of the opportunities on offer in the global payments business, or risk losing out to nimbler competitors.Although Mobile Money had been designed as a peer-to-peer payment system but it has gone much beyond the basic idea..