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Mobile Payment Technology

Technology 1100 Words 4 Pages
Paper Details

Question

Discuss the mobile payment technology.

Solution

  • Title: Mobile Payment Technology
  • Length: 4 pages (1100 Words)
  • Style: N/A

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Introduction

Modern scientific achievements have led to the emergence of the mobile payment technology that allows users to transfer money to other mobile phone users. Mobile phone users undertake various transactions concerning their bank accounts via mobile banking. Mobile payment or mobile banking technology improves how organizations operate. Workers can receive alerts from their employers concerning the mode of payment as well as notifications on whether money has been deposited in their accounts. Bills, shopping, and transport expenses can be paid using the handset in various countries across the globe. The technology has enabled convenient, flexible, and faster money transfer between different mobile phone users. Mobile payment technology or mobile money transfer remains an important organizational tool that facilitates faster transactions to all mobile subscribers and other unbanked or underbanked individuals.

Emergence of Mobile Money Transfer

The emergence of mobile money transfer service evolved after people in East Africa and specifically in Kenya embraced the use of mobile phones. The micro-financing service was developed and launched by Vodafone, a company that had about 40 percent stake at Safaricom (Maharaj & Patrick 2011, p.49). The technology allowed users to deposit money in their ‘mobile phone accounts’, a technology that spread to Tanzania and other East African countries, S.A, India, Afghanistan, U.S.A, and Eastern Europe. The technology allows mobile users to send money to other users, pay bills, bank withdrawals or deposits, and buying airtime. Mobile money technology provides faster processing of salaries, settling of bills, security, and transparency. The technology has enabled many people across the world to engage in income generating projects due to the availability of business loans offered by mobile service providers (Mindila, et al. 2014, p.97).

Mobile payment technology has been developed to protect customers’ information from potential fraudsters. On mobile technologies, financial transactions and consumer protection, Deichler (2011, p.54) claims that mobile phone users need to recognize the dangers associated with the technology. However, the technology has kept fraudsters at bay due to the registration of Subscriber Identity Module (SIM) cards in various countries (Organization for Economic Co-operation and Development 2012, p.13). Additionally, mobile payment technology has been used to track criminals as only registered mobile phone users can access mobile network services in some countries. Risks associated with mobile payments witnessed since the technology was unveiled include privacy and security, money laundering, fraud, consumer protection, credit and liquidity risks (Essellaar & Stork 2010, p.17). The risks were common after the inception of mobile money transfer, and the organizations have since taken appropriate measures to reduce the inherent risks associated with cash-based payments

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