What Is Mobile Money and How Does It Affect You

No one can deny the impact the mobile phone has had on our everyday life. From making and receiving calls, sending and receiving texts, we now have the internet at our fingertips at any time and millions of mobile applications to choose from, all to engage every aspect of our lives. It seems fair to say that mobile devices now serve as multifunctional tools that most of us cannot do without daily.

Depending on the connection speed, whether 2G, 3G, or 4G, our mobile devices provide us all with instant connectivity to the internet wherever we are. Using our mobile devices, we now decide where to go and what to buy and even manage our money through the banking and wallet apps available, and this is where the idea of mobile money is introduced.

Mobile money is the ability to use your mobile phone to transfer, withdraw or deposit funds between banks or accounts. Mobile money can also be referred to as using a mobile device to buy physical or electronic goods and services. Mobile money has increased in popularity in the past two years mainly because of its convenience and ease of application to everyday life.

How Mobile Money affects you

Using mobile money, you can use your mobile device to…

• Make payments at the point of sale (POS): Most retail stores that use this technology either scan or provide a facility to input the relevant code provided for the purchased product, which allows the money to be deducted from the account linked to your phone.

• Make payments online: This also applies to paying for goods and services at Electronic Point of Sale (EPOS). This differs slightly from POS, with the main difference being that a code will have to be provided to the website where the relevant monies can be deducted from the account registered to your phone.

Pay Bills and other services: The convenience of paying for bills on the go is something that many find attractive. This option is popular in regions of the world with a higher unbanked population (individuals without a bank account) and relies on their mobile phones.

• Send money to another account: Mobile money can also transfer funds from account to account via wallet apps that are becoming increasingly popular and mainstream.

Mobile security

With anything that involves technology and money, the issue of mobile transaction security, mobile hacking, and mobile fraud issues have to be addressed. It is not unreasonable to assume that the more we use our mobile devices to make purchases and fund transfers, the more we potentially risk an increase in mobile security threats, which must be addressed pro-actively.

Omis, a global provider of unbreakable mobile transaction security to financial institutions, payment service providers (PSP’s), payment processors, merchants, and mobile network operators (MNO), amongst others, also supports the idea that more people would gain the confidence and trust to transact via their mobile device if they fully trust the security measures taken by banks, merchants and payment service providers to provide substantial mobile transaction security.


The mobile phone is fast becoming an indispensable tool for most people on the move, which means that mobile money has the opportunity to grow and become the usual way of transacting on the move. It does seem that there is still a long way to go until the issues of mobile money convenience and mobile money security are fully resolved.


Effie F. Bush is a 27-year-old junior manager who enjoys praying, social card games, and listening to music. She is inspiring and brave, but can also be very disloyal and a bit unfriendly.She is an Australian Christian who defines herself as straight. She has a post-graduate degree in business studies.

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