According to the ‘Mobile Economy 2017′ report published by Groupe Speciale Mobile Association (GSMA), there were 4.8 billion mobile phone subscribers at the end of 2016, and that number is expected to jump to 5.7 billion by 2020. 55% of subscribers in 2016 were connected to 4G broadband- the fastest available- but nearly three quarters will have access by 20201. So it’s no surprise that the mobile economy has taken off over the last few years. After all, you can complete most transactions from your phone these days, from ordering a pizza to booking a hotel. People expect the same level of convenience from every service provider. ProBASE allows banks and merchants to integrate there systems to mobile devices.
Advantages of mobile money
Ease of Use: Mobile money helps people pay for goods and services; transfer money from almost anywhere even if they are not near a bank office.
The Unbanked: Embracing mobile money services will go a long way to addressing the needs of the unbanked, under banked, and the unhappily banked. Thereby, enabling them to make payments, transfer money to merchants, friends or relative using mobile devices. Reducing the need for long queue’s in banks and bringing them into the fold of modern economy.
Accessibility: Mobile money transfers are filling this need and proving better at reaching poor rural resident than banks or standard money transfer services. It has changed commerce and eased trade by breaking the rigid rules of high finance and banking transactions.
Convenient Savings: Among the benefits of mobile money services is the ability to use the mobile phone to save and be able to cash-out the money whenever needed. This also reduces the need for physical cash, therefore, creating a firewall for theft.
Remittances: Considering huge number of the unbanked who send domestic/international remittances in cash and widespread use of mobile phones, both in developed and emerging markets; mobile money has the potential to keep pace with consumer’s needs and expectations to transfer money at any time of the day/week no matter how little the fund.
The Mobile Generation: The adoption of mobile technology is changing virtually all aspects of consumer behaviour. This presents an unprecedented opportunity for mobile money service renders to activate relationships with both new and existing customers across multiple mobile channels.
Boosts Economic Growth: The handiness of mobile devices and with mobile network operation services scattered anywhere than traditional banks, availability of mobile money services in different strategic locations is crucial for long-term adoption and widespread use of such services, boosting economic growth and social development on both the micro and macro level.