12 Ways how mobile money can go further

MobileTransfer

As mobile phone coverage continues its inevitable crawl across the world’s continents, experts are largely in agreement that mobile payment platforms will soon become the de facto “bank” for individuals living in areas which are either underserved or have a historical precedent for shaky financial infrastructures.

 That being said, mobile payment systems cannot simply be established over night. These programs require extensive development, planning, and, most importantly, strategization in order to ensure that the “next best thing” won’t be replaced when a newly minted payment platform jumps online.

After a series of conversations amongst tech innovators regarding what exactly should be happening in the world of mobile payment systems, 12 strategies emerged which all parties agreed are quite integral on the path towards seamless mobile integration. They are as follows:

  1. Trust must be established, particularly in areas of the world where corruption and crime are rampant.
  2. The need must exist. Not every individual in the world needs the service offered by an international money transfer service.
  3. The real world is just as important. In the event of questions or conflicts, individuals must be able to speak with a real-world representative.
  4. Education is everything. In order for these systems to flourish, individuals must first understand how to use them properly.
  5. Every country is unique, and every country presents its own sets of challenges and opportunities.
  6. Regulations limit progress, particular in situations where oversight is slowing the path of development.
  7. Agents are essential, particularly when spreading the message about new services in less developed regions.
  8. Financial services are only the beginning. Utilities and other resources may soon follow.
  9. The customers needs must clearly be defined in order for a system to truly flourish.
  10.  Advertising and marketing remain critically important tools, regardless of where you are currently expanding your services to.
  11. The sign-up process has to be incredibly easy.
  12. Interoperations are a must, particularly in areas of the world that are culturally and ethnically diverse

With these ideas in mind, business owners seeking to expand their money transfer operations into new regions of the world may be able to find success at a faster rate than they would have previously.

 

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Isuru Karavita

He graduated from the university of Hertfordshire with a BEng(Hons) in Digital Communication and Electronic Engineering. 

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