Mobile financial solutions

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MOBILE FINANCIAL SOLUTIONS
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Across the world, financial services delivery and
access is undergoing a sea change. Mobile is the
new medium, access is the new paradigm and mobile
financial solutions are the norm. In both
developing markets and the mature ones, this
transformation now offers a unique opportunity to
businesses telecom companies, banks or
retailers to re-imagine their digital
strategies in tune with an experience-centered
world. Today, mobile financial solutions have
emerged as a viable alternative to meet the needs
of the banked and the un-banked. Increasing
penetration of mobile phones, combined with their
ease of use, has enabled markets to evolve beyond
basic financial inclusion to offer a full range
of integrated services.
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Of course, every global marketplace vastly
differs in every possible way and so, the need of
the hour is providing an appropriate solution to
the appropriate target audience. The market
itself can be divided into two categories
developing and developed. The mobile payments
market got its first real push from the
developing markets, as this customer group had
very fundamental financial requirements. Using a
mobile payments system essentially provided them
easy and fast access to their personal accounts.
Without such a system in place, theyd still be
conducting all financial transactions in cash.
Today, the mobile money services space in
Africa, for example, is steadily maturing. Of 196
mobile operators, 99 have already launched mobile
money services. More importantly, the scope of
the service itself has increased tremendously.
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The various flavours of mobile financial
solutions broadly include
P2P services, such as international and domestic
money transfers, international remittances,
interoperable money transfers, etc. P2B
services, such as post-paid and utility bill
payments, recharges for a variety of prepaid
services, mobile ticketing services, etc. B2P
services such as bulk disbursements (salaries),
dividend payments, etc P2G, such as payment of
taxes and other governmental fees G2P, including
payment of pensions, government salaries,
monetary aid, etc B2B payments
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Summary
In developed markets, consumers already have a
plethora of choices, such as cards, electronic
payments, digital payments, access to digital
channels, such as the internet, etc. So, services
like the wallet have made their debut, which not
only provide payments but move beyond it by
integrating promotions, loyalty management,
social networking, along with payments.
Moreover, technologies like Near Field
Communications (NFC), BLE, Biometrics, QR Codes,
and wearables are disrupting the payments space
in a big way. For example, deploying NFC to ease
payments, like what Apple Pay is doing today, or
get information through QR codes, or get the
right discount voucher through a Bluetooth Low
Energy beacon will enhance the customers
experience and put the entire experience into
context. This will permit the retailer to
visualize a pattern by which one is able to aid
the consumer again and help them not only in the
purchase journey itself but beyond as well.
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Thank you

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