Transfer Of Money Through Cellphones
The cellphone has become an important item for accessing money from banks and individuals through various electronic transfer systems. The system can work at the bank level and at the non bank level. At the bank level people are enabled to access their accounts directly from their cellphones. Transfer at the non-bank level is apparent in some parts of Africa and Asia where the service has gone a step farther in creating mobile accounts on cellphones. The money is usually deposited and withdrawn at a fee. The non bank service involves the service provider establishing a cash depository that assists in the perpetual provision of the financial services to the user.
Mobile banking is one of the few large scale uses of cellphones in money transfer. The method is widely used to transact business using the cellphone, accessing online bank accounts and in the payment of bills. It is effected through use of credit and debit cards. Transaction of business may entail the provision of payment details in an SMS message that allows the sender and the recipient to read the details of the transaction before transferring the money to the various accounts. This is quite popular with people dealing from remote corners of the globe. One can also inquire about the balance in their bank accounts to keep updated on their current financial situation.
All in all mobile money transfer systems incorporate some of these features: frequent updates of the account balance activated by the user, automatic inquiries, accessibility to loans and the notification of recent transaction details. All these can be used to check on the level of business without having to go to physical locations apart from when withdrawing the requested amount. Payment is done within set terms given by both the service provider and the bank in which the payment is being channeled through.
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