Mobile Money Charges – Mobile Wallet
Over the years, money transfers have moved from one level to the other and today money transfers do not necessarily have to be carried out at banking institutions. Mobile money as well as most forms of money transfer refers to the electronic transfer of money from one point to the other via an electronic device. Nowadays, money can be sent from anywhere with simply a mobile electronic device and though you get no staff assistance, every transaction is levied with a fee known as mobile money charges.
What is Mobile Money?
Mobile money is a money technology that permits people to send, save, receive, and save money using nothing other than a mobile device. Some term this tech as “mobile wallet” while other names arise with specific services such as; MTN MoMo, mPesa, EcoCash, OMO, GCash, and Tigo Pesa just to name a few. Africa, Asia, and Latin America are the continents where mobile money is mostly used though the technology is equally used in over 270 countries around the world. Easy to use, secure and fast, mobile money is a common money transfer alternative even in banking institutions.
How does it work?
Mobile money is a service that saves money in an electronic account that is secured and linked to only one phone number and one user name. Very often than not, the mobile money number is identical to the phone number and is accessible via a code that none other than the owner is supposed to know. The services of mobile money are provided by the corresponding mobile operating companies who issue the phone number. These services are available for contract clients as well as pre-pay clients.
Mobile money services have as primary features savings and transfers of money though many have upgraded their systems to permit the payment of bills, school fees, and airtime purchase. Besides these, users of the service can equally withdraw money directly from their mobile wallets at authorized mobile money agents.
In Cameroon, Orange money (OMO) and MTN mobile money (MTN MoMo) are accessible to users of the Orange and MTN mobile networks who own a valid national identification card. Once you create an account at the mobile operator agent or shop, you simply have to dial *126# for MTN MoMo and #150# for OMO which presents you with a list of options. All services available on your platform are been validated as soon as you put in your secret code and confirm. For a novice, this may seem difficult but after a few tries, each mobile money procedure becomes as easy as sending a text message.
What are the benefits of mobile money?
The facility of using mobile money makes it appropriate for everyone. With this means of money transfer, you will discover numerous benefits of using it regularly. Some of these advantages are;
Convenience: all it takes to use this mobile tech is a mobile phone and a valid identification card. Users can carry out many operations from the comfort of their homes so long as there is a mobile signal.
Direct: the use of I calls not for the intervention of a middleman, users can send money directly to their recipients.
Rapid: unless the mobile signal fails, it generally takes just a couple of minutes to execute a mobile money procedure. It saves users from the stress of following waiting lines at banking institutions.
Secure: funds detained in mobile wallets are protected by financial regulations and control of identity is needed for any transactions to be authorized. The benefits of mobile money use are numerous though, in a second, you could find yourself in an embarrassing situation if you do not know one of the most basic rules: charges apply to transactions.