Mobile money

WHAT YOU’LL find in this article is the understanding of mobile money, a new form of technology that pushes the boundaries of banking. Many institutions in Jamaica are exploring this new frontier in banking.

WHAT IS MOBILE MONEY?

Mobile money is a technology that allows people to receive, store, and spend money using a mobile phone.

It is sometimes referred to as a ‘mobile wallet’ or by the name of a specific service such as mPesa, EcoCash, GCash, Tigo Pesa, and many others.

There are more than 260 different mobile money services around the world, although they are most popular in Africa, Asia, and Latin America.

YOUR PHONE NUMBER = YOUR ACCOUNT NUMBER

Mobile money is usually provided by the same companies that run the country’s mobile phone services and is available to both pre-pay and contract customers.

Each mobile money user has a unique account number – normally the same as the individual’s phone number.

SENDING AND SPENDING

Using a special mobile money menu or app on their phone, users can transfer funds to another person or pay a business such as a shop or restaurant.

Users can also withdraw cash from their mobile money account at agent locations in their home country.

Mobile money is a popular alternative to both cash and banks because it is easy to use, secure, and can be used anywhere there is a mobile phone signal.