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What Future Holds for Mobile Money & Agent Banking?

Finance mobile app development solutions and agent banking services are about to witness upsurge in the world in future. Both have their own advantages.

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What Future Holds for Mobile Money & Agent Banking?

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  1. Future of Mobile Money & Agent Banking • The number of people using smartphones for spending money and mobile banking has been constantly increasing. The former trend of shopping and banking on the desktops and laptops has given way to shopping using the smartphones. • Thanks to mobile payment apps, mobile devices, especially smartphones, that have become the center of financial activities of the people in the modern world. • Mobile payment is the modern way of making payment by using a mobile devices. With Smartphone dependence growing, a lot of innovative ways have been developed that allow any consumers to make payment conveniently, using mobile devices. • Here’s where a Mobile Application Development Company plays a crucial role in enabling businesses as well as individuals to accomplish a secure and reliable mobile payment.

  2. Fundamentals of Mobile Money and Agent Banking Monetary payments made by using mobile devices and mobile applications are collectively known as mobile payment. Smartphone usage has been on a steady rise and users’ preferences have definitely ensured that the mobile payment model is not only extensively followed but also modified and improved. With almost any transaction being made possible using mobile apps, global businesses’ are required to facilitate a smooth payment mode through smartphones, that offers its users the convenience and security. Mobile payment applications are fast replacing cards and cash transactions in the modern world.

  3. Role Played by Mobile Money & Agent Banking in the Financial Sector Mobile Money Mobile money was initially developed for increasing financial inclusion specifically for those people who were formerly excluded. When mobile money was first launched, it caused disruption of the agent distribution networks in the rural financial sector. Now, agent distribution networks are being used by mobile money providers for increasing financial inclusion as well as for delivering efficient financial services.

  4. Agent Banking Agency Banking is the regulation which authorizes financial institutions to empower a banking agent to provide banking and financial services, on behalf of the bank. This differs from mobile money considering the fact that while in mobile banking, one performs transactions on the mobile device, in agent banking, cash deposit and withdrawal are performed from the bank account directly. The strategy that allows banking institutions to perform their operations everywhere, agent banking, is a concept that offers good customer care and faster response time. It helps people located in rural areas more.

  5. The Way of Functioning of Agent Banking There is a striking similarity between the functioning of agent banking and mobile banking. In agent banking, bank agents are trained and are provided with a mobile phone as a POS terminal. The essential skills that will be imparted to them for providing banking services according to the standards, that are set default by the bank. They help customers in accessing to fast and affordable banking. The common services provided by these agents include account opening, bill payment, funds transfer, cash withdrawal/deposit, balance inquiry, collecting documents, mini statements, and any other such services that are allowed by the bank.

  6. Benefits of Agent Banking to Banks Agent banking enables banks to cut down on marketing time related to new services and projects offered to customer base in smaller locations. A range of products as well as payment facilities through a single bank agent is possible. Cashless culture is promoted as well. Agent banking acts as a means to serve wider customer base under reduced costs. Financial inclusion of the unbanked segment is facilitated, helping banks to expand their customer base. Business processes may be simplified, while efficiency can be enhanced further. Efficient at agent network expansion, agent banking enables reaching out to increased number of people according to the need.

  7. Mobile Money & Agent Banking are Replacing Cash and Cards In most of the developed and developing countries in the world, over 74% of online consumers are managing their finances by making use of smartphones. More and more people across the globe are comfortable making large purchases by using the mobile payment apps. Payment through cash and card are steadily getting reduced gradually all over the world. For people who don’t have access to bank accounts, new mobile payment apps offer absolute financial solutions without the need for having physical wallets containing cash.

  8. Wrap-up More nations in the world are following the cashless economy trend, necessitating a thorough and secure collaboration between all the industry stakeholders. Smartphone penetration is certain to rewrite the course of finance mobile app development in the near future. In future, we are about to observe a drastic upsurge in agent banking as well. Read More Please find the various ways to connect with us for any help or suggestions regarding Mobile App or Web Development,E-mail us : bd@w2ssolutions.com Call us : +91 73387 73388 Website : www.way2smile.com Powered by WAY2SMILE

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