Mobile Commerce

Mobile Money

Mobile phone have become a versatile tool in commerce field today. Mobile Money means: making mobile banking transactions, pay for goods purchase, settle utility bills and more, all through a mobile phone. Your mobile phone serves as money wallet with which you can pay, electronically at sales outlets for goods purchased, while you use your electronic card to withdraw cash at ATM points, only where essential to use hard currency.

Financial institution and payment service providers are in collaboration, to provide banking services solution via installed application on mobile phones, capable of rendering banking services and e-payment solution via SMS and  internet medium. Similarly, mobile payment (m-payment), provide alternative e-payment option, at online store front and offline, where debit card is use via mobile phone to pay for goods and services. Basically, these are in line with e-commerce payment process. The difference being that, mobile payment is done via mobile phone. It makes business sense for online merchants, to integrate mobile payment option alongside other e-payment solution in their retail storefronts for inclusion of customers that often browse the internet on mobile devices.

Recent survey by a research firm, Kony Solutions Inc., published in mobile version of  MarketWatch.com revealed that, mobile device is getting prioritized attention of business organizations world-wide. The survey indicate a constant search by entrepreneurs, for mobile solutions, that will aid and improved clients experience on their business platform. Majority of the respondents agreed on the need for relevance on update for inclusion of mobile devices access to their business platform, to remain in the forefront of development in their business environment.

Mobile device manufacturers have continue to redefine mobile device brands to meet market demand. This improvement is to the delight of the banking institutions, payment service providers (PSP) and entrepreneurs. Just as the internet service providers (ISP) complete the border-less trade circle.

Mobile money comes with apps that offer an array of features to services the needs of bank clients, and to the advantage of online entrepreneurs. To the banking institutions, doing banking transaction by customers without visiting the bank, means reduction of work load of the day-to-day operation. Similarly, merchants with business presence on the internet, cannot afford to be left out of the mobile payment solution, if they desire their business growth and high returns on their investment.

Mobile payment is an expedient solution for businesses concerned about relevance in competitive environment, because the technology simplify and added greater benefit to commerce activities globally. It is now unnecessary for individuals with busy schedule, to go to the bank for money deposit to relations account or for settling utility bills of service providers, when he has a mobile wallet in his phone that will do the job. So much is packaged into mobile money system that, a lot of time is save for other importance schedule of a busy and focus minded personality.

So far, all that were discussed have centered solely on the formal sector of an economy. But mobile money equally accommodate the informal sector of the economy.  The ability to utilize SMS service of mobile phone in mobile payment, makes the system the simplest form of electronic payment, and advantageous over other e-payment solution. This explain why, developing and emerging economy countries in Africa and Asia, are embracing the mobile payment system in their quest for a cash-less economy society.

Most countries with high level of illiteracy, experiences high population of people with no access to bank. This category of people mostly dominated the informal sector of an economy, go about their businesses in predominantly cash-base environment that is prone to high risk level. Mobile payment system provisioned, a novel banking operation system, targeted at mopping up the excess cash circulating in the informal economy sector.

Agents are recruited by the banking institutions, and payment service providers involved in the mobile money operation to serve the interest of those people in the informal business sector that own no any bank account. These agents are keyed in strategically located areas, where they can easily be access by the local populace with no bank accounts, for money savings, withdraw or send money to someone when they want to. The mobile payment agents serve as the bankers of these local people as they represent the banks and payment service providers.

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Mobile Commerce

Mobile Commerce

Mobile commerce (m-commerce) is the ability to conduct business transactions between, sellers and buyers or business partners, using mobile devices and the internet connectivity medium. It is a replication of e-commerce process operable on mobile devices. Merchants all over the world are fast merging this new phenomenon, with their existing e-commerce business to maintain their online business relevance and increase customer base.

Mobile phone in-road to commerce activities date back to 1997, according to Wikipedia. It started with companies and financial institutions accepting payment via SMS. Digital downloadable contents directly into mobile phone gradually gained prominence. These and other development like social networking, which hand-held devices like phone proved capable of delivery, became a watershed culminating in the commercialization of mobile commerce.

The new status assume by mobile devices resulted in introduction of smart phones in the market and evolution of other smart gadgets to satisfy customers personality tastes. Webmasters, programmers and application developers where also quick in providing applicable solutions and web structures adaptable to the screen size of mobile gadgets. Today it is easy to search online and download free web browsers, designed to compress web contents to fit mobile phone screen. Also internet security applications for mobile device protection are available for download online. Book readers and office tools applications completes the criterion of preference, for smart phone and mobile gadgets, as devices of choice over laptop while in motion.

The customized innovation development brought into mobile devices, simplifying web surfing experience and its ability to perform office work from anywhere gives mobile commerce an unfettered acceptability to the business world. It is common now, to find people clutching to their iPad, PDA or smart phone with Qwerty facility for office work in place of laptop. Business is no longer restricted to the office only. Business partners can interact conveniently, while on the move from their mobile devices. Today, office works hitherto performed on PC or Laptop are now conveniently carried out on smart phone and other mobile gadgets.

With surge in the drift towards mobile commerce, mobile phone manufacturers have continually step-up designs of sophisticated pocket size, smart phone models and easy to carry around mobile devices like iPad and tablet series, capable of performing commercial business activities while on the move. With internet connectivity, business transactions is made easy for online merchants and for internet shopping via smart mobile devices by consumers.

Mobile commerce enable transactions such as:

and many more services, practicable on smart devices. The transformation of mobile device role, couple with the increasing number of mobile phone users world-wide, make it imperative for businesses with presence on the internet, to embrace m-commerce to remain relevant and increase business exposure in the world market.

The youths are also actively involve, particularly in the area of education, social networking and entertainment.  Audio and visual music and film download are prominent features that youth engaged in. Online social interaction across the numerous social networks sites are pass time hobby of the youths. The ever increasing number of mobile device users across the globe makes the prospect of mobile commerce, a rallying point for the device manufacturers, service providers and other stakeholders to pull resources together for maximum advantage derivable.