Mobile money is driving payments and money transfers across the developing world, bringing financial inclusion to billions of new customers. How does it differ from mobile banking, and what are its limitations?
Mobile money is a digital wallet allowing users to send and receive money with a secure account linked to their mobile phone number.
Available to both prepaid and postpaid subscribers, it is an easy-to-use, secure alternative to cash, providing instantaneous payments and peer-to-peer transfers, without going through middlemen or banks. The service is widely popular in Africa, Asia and Central & South America, where there are large unbanked populations and bank branches tend to be few and far-between outside of major cities.
Cerillion plc (LON:CER) is a leading provider of billing, charging and customer management systems with more than 20 years’ experience delivering its solutions across a broad range of industries including the telecommunications, finance, utilities and transportation sectors.