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WHAT IS MOBILE MONEY TRANSFER?
The money transfer and global remittance market is constantly producing new developments that will enable consumers and corporates to transfer money faster, more effectively and more securely across countries and continents. With the explosion of mobile phone technology, particularly in the developing world, companies are now seeing this as a potential avenue through which to transfer money to friends and relatives overseas, particularly those in rural locations.
With the emergence of smart phones, people are now able to use their phones to make mobile money transfers. This may be via the use of an app or using the mobile browser technology. In the developing world, there mobile phones can be used even more simplistically to help send money via the use of text messages.
The latest developments in the mobile money space have also seen remote payment made possible using technology such as Apple Pay. This allows users to make transactions in retail outlets without having to use paper money. Twitter recently added a mobile money service with a French bank but it is not clear yet that these mobile systems will be ready for larger international transfers. We will continue to update you as developments in the mobile market occur.