Mobile Money

Mobile phones are becoming the primary drivers for non communication services like banking. In high growth markets with no financial infrastructure, service providers are providing a transaction platform not just for airtime but also for a variety of mobile money transactions.

These transactions include transferring funds to a friend’s mobile account, withdrawing funds from an account to receiving a remittance from an overseas relative.  Increasingly, individuals with mobile money on their phones can both monitor their finances and purchase anything from taxi services to a candy bar at the corner convenience store.

Redknee offers Mobile Money solutions in the form of four major service types consisting of international remittances, airtime reselling, mobile wallet and roaming recharge. In developed markets, bank account holders appreciate the immediacy and convenience of using their mobile device as their wallet. In emerging markets, mobile money forms the vital missing commercial link between ‘unbanked' individuals, companies and the societies they live in.

Mobile money services will be driven primarily by the operators, who can charge service fees to complement existing SMS and voice revenues while simultaneously increasing customer loyalty and the number of transactions on the network.

Collectively, the forecasted increase in mobile money services will contribute close to $8 billion in incremental revenue to mobile operators by 2012. If analyst forecasts are sound, the mobile money benefit to subscribers and mobile operators is considerable and should not be ignored.

For information about the product that supports these services, go to Redknee's Mobile Money Solutions.