What Future Holds for Mobile Money & Agent Banking?

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Future of Mobile Money Agent Banking

• The number of people using smartphones for
  spending money and mobile banking has been
  constantly increasing. The former trend of
  shopping and banking on the desktops and laptops
  has given way to shopping using the smartphones.
• Thanks to mobile payment apps, mobile devices,
  especially smartphones, that have become the
  center of financial activities of the people in
  the modern world.
• Mobile payment is the modern way of making
  payment by using a mobile devices. With
  Smartphone dependence growing, a lot of
  innovative ways have been developed that allow
  any consumers to make payment conveniently, using
  mobile devices.
• Heres where a Mobile Application Development
  Company plays a crucial role in enabling
  businesses as well as individuals to accomplish a
  secure and reliable mobile payment.

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Fundamentals of Mobile Money and Agent Banking

• Monetary payments made by using mobile devices
  and mobile applications are collectively known as
  mobile payment.
• Smartphone usage has been on a steady rise and
  users preferences have definitely ensured that
  the mobile payment model is not only extensively
  followed but also modified and improved.
• With almost any transaction being made possible
  using mobile apps, global businesses are
  required to facilitate a smooth payment mode
  through smartphones, that offers its users the
  convenience and security.
• Mobile payment applications are fast replacing
  cards and cash transactions in the modern world.

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Role Played by Mobile Money Agent Banking in
the Financial Sector

• Mobile Money

• Mobile money was initially developed for
  increasing financial inclusion specifically for
  those people who were formerly excluded.
• When mobile money was first launched, it caused
  disruption of the agent distribution networks in
  the rural financial sector.
• Now, agent distribution networks are being used
  by mobile money providers for increasing
  financial inclusion as well as for delivering
  efficient financial services.

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• Agent Banking

• Agency Banking is the regulation which authorizes
  financial institutions to empower a banking agent
  to provide banking and financial services, on
  behalf of the bank.
• This differs from mobile money considering the
  fact that while in mobile banking, one performs
  transactions on the mobile device, in agent
  banking, cash deposit and withdrawal are
  performed from the bank account directly.
• The strategy that allows banking institutions to
  perform their operations everywhere, agent
  banking, is a concept that offers good customer
  care and faster response time. It helps people
  located in rural areas more.

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The Way of Functioning of Agent Banking

• There is a striking similarity between the
  functioning of agent banking and mobile banking.
  In agent banking, bank agents are trained and are
  provided with a mobile phone as a POS terminal.
• The essential skills that will be imparted to
  them for providing banking services according to
  the standards, that are set default by the bank.
  They help customers in accessing to fast and
  affordable banking.
• The common services provided by these agents
  include account opening, bill payment, funds
  transfer, cash withdrawal/deposit, balance
  inquiry, collecting documents, mini statements,
  and any other such services that are allowed by
  the bank.

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Benefits of Agent Banking to Banks

• Financial inclusion of the unbanked segment is
  facilitated, helping banks to expand their
  customer base.
• Business processes may be simplified, while
  efficiency can be enhanced further. Efficient at
  agent network expansion, agent banking enables
  reaching out to increased number of people
  according to the need.

• Agent banking enables banks to cut down on
  marketing time related to new services and
  projects offered to customer base in smaller
  locations.
• A range of products as well as payment facilities
  through a single bank agent is possible. Cashless
  culture is promoted as well.
• Agent banking acts as a means to serve wider
  customer base under reduced costs.

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Mobile Money Agent Banking are Replacing Cash
and Cards

• In most of the developed and developing countries
  in the world, over 74 of online consumers are
  managing their finances by making use of
  smartphones.
• More and more people across the globe are
  comfortable making large purchases by using the
  mobile payment apps.
• Payment through cash and card are steadily
  getting reduced gradually all over the world.
• For people who dont have access to bank
  accounts, new mobile payment apps offer absolute
  financial solutions without the need for having
  physical wallets containing cash.

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Wrap-up

• More nations in the world are following the
  cashless economy trend, necessitating a thorough
  and secure collaboration between all the industry
  stakeholders.
• Smartphone penetration is certain to rewrite the
  course of finance mobile app development in the
  near future. In future, we are about to observe a
  drastic upsurge in agent banking as well.

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