[BLOG] Mobile Phones on the increase
A few years ago here in Ghana, the mobile phone was a luxury and only the very rich could afford one. This has changed with time and right now everyone has a cell phone which can do more than just make a call or send a text message.
One of the most functional services that the mobile phone has been offering customers is money transfer services.
For instance, many people who could not complete the many bank requirements have been able to transact on their mobile phones with a lot of ease.
Through the mobile phone, people can buy talk time, pay their utility bills, transfer funds, access their bank details as well as receive payments from various parties.
The transactions are flexible as one can initiate them at the comfort of their homes as long as they have some funds in their account.
International barriers to transacting have also been reduced through international mobile money transfer services.
You may be wondering about the security of the funds on your mobile phone. Everyone registering for the mobile cash transfer services will do so with their original passport or recognized identification.
They will then have a unique password and a secret word that they are vetted on before any transaction can be carried out. Each user has to hold the vetting data as confidential to prevent occurrence of fraud.
Will the cell phone come to override the use of credit cards, hard cash payments and use of checks? Only time will tell.
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