Banks have identified that digital platforms are the way to go. Their client base has increased with the introduction of digital money transfer channels. The convenience that comes with the transfer or withdrawal of money digitally can’t be compared with physically walking into the bank for such services. Time is saved, and you don’t have to fight against the heavy traffic.
Increased competition has led to more financial institutions coming up with more developments on mobile banking. Mobile money comes in different ways such as in-store payments, and payment through mobile wallets.
The future of mobile money can be explained in some of the following points listed below:
- Messaging apps
Most consumers prefer purchasing within an app compared to a mobile website. They spend time on messaging apps; it is believed that having a messaging app that is linked to commerce is the future for mobile money. Through such apps, it is easy to transfer funds to friends or purchase stuff from some online stores. Having a messaging account that links to a credit card makes the whole experience easier.
- Consumer Security
One thing that most consumers raise concern is the security of mobile money. They don’t trust that it is a secure platform to transact business. Consumers are uncomfortable with giving away private information and don’t think that it is stable enough. Security is a primary concern because they feel that the systems may not be safe enough for such vital information. Convincing the consumers on information security is a major boost to mobile money and coming up with systems that are secure enough and are not hackable.
More people are welcoming the idea of mobile money with the spread of technology. Consumers are slowly embracing the fact that they can make money transfers via phone safely. The fact that there is an online platform for easier and convenient transfers has made people love the concept of mobile money. This is a clear indication that the percentage of people using it is growing. The future is bright with mobile money, and at some point, almost everybody will be using it.
- Social Media
Social media is one of the most notably largest platforms of relaying a specific message. Financial institutions should tap into the fact that most people use social media especially Facebook. They should link up their websites to their social media pages to get more people to access mobile money. By this, more people get exposed to the different platforms that facilitate mobile money and learn the pros and cons of going digital.
- Loan Application
As mobile money grows, more financial institutions such as banks and other lenders are creating platforms to help their clients access personal loans online. However, people are still hesitant to apply online compared to going over to their banks and physically applying. Most people are apprehensive about giving sensitive personal information over the internet. Mobilization and educating people on the importance of mobile money could help them be more accommodative of it. Accessing loans online or through the mobile apps could revolutionize the way people transact business. It could help speed the rate of conducting business and in extension result to increased development
Mobile money is convenient because it is just one click away. In a bid to make the transactions safe, there is the provision of fingerprints. When accessing some online stores, fingerprints could offer solutions for making a secure payment to avoid fraud and being conned. Apple already has this provision with its iTunes transactions. This is a great way of ensuring that access is restricted which makes it even safer. Having a payment access code that requires fingerprints is one of the great ways of making more people embrace the idea of mobile money. It is what could make mobile money have a broad client base than before.
The rise in competition among companies requires them to have a top notch mobile marketing strategy. The art of persuasion plays a huge role in determining if the clients will consider mobile transactions. Diversification of products is also essential and could make more consumers purchase the products online.