Chapter 1: Introduction The innovation in mobile phones has enormously changed the lives of the people all around the world. The proliferation of mobile phones spans across people of different age groups and leveraging the mobile phone for different usages. Over the years, the multi-functionalities of the mobile devices have diversified and intensified to become a comprehensive electronic device. Pertaining to this, the incorporation of financial solutions with the mobile devices supplemented with affordable network connectivity has chiefly been responsible for transforming the usage of mobile devices merely from a communication device to a monetary transferring device. This has led to the magnificent setting of a new era in the mobile financial …show more content…
Mobile money has led to the emergence of mobile wallets and digital payment techniques that help people leverage from virtual money transfers and payments. With mobile phones become an inseparable tool in one’s daily life, mobile money market provides the ultimate solution to enhance the customer’s in-store or online shopping; travel, and banking experiences by providing them with utmost convenience in payments and fund transfers. In addition, mobile money solutions have helped the mobile users in send and receive cross-border remittances, make bill payments, send and receive money over their mobile devices. Mobile Payment in Mauritius In Mauritius, the mobile payment service was launched in 2012 by Mauritius Telecom in collaboration with the State Bank of Mauritius. The service is branded Orange Money and enables any mobile customer (including Emtel and MTML customers) to effect payment of their utility bills (CEB, CWA, MT fixed Line, Orange Post pay), payment of their income tax and payment for goods and services bought at registered merchants. Orange Money is a bank led model of mobile payment whereby the customer’s bank account is linked to his mobile phone. Thus, when a payment is effected, the customer’s bank account is debited and the merchant’s account is credited. The limit for such type of payment …show more content…
Many reasons are assumed such as; “It can be that the market is not mature enough for this innovative mode of payment or; It can be that people are used to cash and card transactions that they do not bother about mobile payment or; It can be that customers don’t understand the mechanics of performing transactions and are apprehensive to try something so novel as mobile payment” quoted from an unknown source. Therefore why mobile phone payment has not driven up is still a mystery to be unleashed through an intensive research then only can appropriate measures be taken. The real cause of the lack of interest of using mobile payment and why the market size and growth is so low need to be discovered. So, a research on this topic is mandatory at this stage to know the future of mobile payment landscape in Mauritius as we are live in a technological era and people embrace facilities so must mobile payment. But this is not the case and the market has remained constantly a low one where it is still trying to make a place in the
The company pays attention to its customers and try’s to appeal to their wants and needs through advertisements. “The primary objective of marketing is to influence the consumer behavior in favor of the company engaging in the marketing activities” (Krishna-Agrawal, 2010). Bank of America now gains insights from the “Bank of America Trends in Consumer Mobility Report”. The Bank of America Trends in Consumer Mobility Report is an annual study exploring broad mobile trends and banking behaviors among adult U.S. consumers. Bank of America is continuously focused on providing customers ease and convenience in mobile banking. Bank of America’s mobile banking platform remains a key source of increased customer engagement as well as consumer
Among the most recently added features is the option to pay for goods and services using your mobile device. The feature was first available in 2011 with Google Wallet; however, it failed to gain traction in the market. Its many points of failure included the mobile service carriers who sell the devices. One major problem was that it was yet another piece of the very complex string of players involved in payment processing. All of those players had at least some cause to block the service.
users to send money, using computers. The same can be done by means of mobile phones that are support Web.
It is easy to use portable and the transactions are done through Internet so very there is very less chances of robbery.
...Smile Telecom and Orange Uganda Limited recently entering the 4G race, the growth in the Telecommunications market is quite evident. Despite the high competition in the Ugandan market, MTN Uganda continues to show good growth and increased market share. It has come a long way since the launch of its first service in 1998 and faced many challenges on the way; it is now considered to be the leading telecom operator in Uganda with a subscriber base of 9.5 million. MTN Mobile Money remains the fastest growing product in Uganda with more than five million registered users, each making at least five transactions every month. The roll-out of LTE services is helping MTN to increase its field of opportunities and become the total telecommunication solutions provider in Uganda. Increased penetration into rural areas and improved network quality further supports this growth.
This research work seeks to address this problem by proposing a mobile self-checkout system using a combination of barcode scanning technology, mobile money integration and card swiping technology. Once a customer 's account is activated either after a card swipe or mobile money top up, he or she is able to make purchases while scanning and adding items to the trolley with checkout been automatically done by the system
Mauritius Telecom (MT) Ltd is the leading telecommunications operator and service provider in Mauritius. Incorporated in 1988 as Mauritius Telecommunication Services, it acquired the assets of Overseas Telecommunications Services in 1992 and was renamed Mauritius Telecom. It has since enjoyed a phenomenal rate of development and it is now one of the top companies in the country.
According to Audit Firm KPMG still accounts for 60% of transactions. As per financial advisory firm Motilal Oswal, “the number of mobile wallet users is estimated to jump five-fold from the current 3 crore to 15 crore by 2019, COD still accounts for 60% of all e-commerce orders”. (KPMG, 2014)
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
Global economic scenario has completely changed in the 21st century. The world has become a global village where boundaries between nations are diminishing day by day. People want to explore more, they want to visit places, work there, exploit the opportunities, and make their lives better. In such situations, sending money nationally or internationally is common. You can use your mobile banking application for sending money across the country to anyone you want. With some special facilities and permissions, you can even send money abroad with the same banking application.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Mobile technology has come a long way in the last quarter of the century. In the 1980s, mobile phones could only be used for phone calls. Since then, the development of new electronic communications services led to the widespread use of mobile phones. According to a recent survey in...
...ng an acceptable form of transaction.Governments need to be more transparent to the public.A lot of ‘under table’ transaction take place in the most basic everyday services(passport,license, tax).Such services has the capability to go online reducing the red tape as money is only used via online transaction.