MOBILE MONEY: CONCEPT AND BENEFITS AND CHALLENGES ASSOCIATED WITH MOBILE MONEY

Abstract

Mobile money could be a recent innovation that gives money dealings services via transportable, as well as to the unbanked international poor. The technology has unfolded speedily within the developing world, “leapfrogging” the availability of formal banking services by finding the issues of weak institutional infrastructure and also the value structure of typical banking. Mobile money may be a technology for grouping, saving, and pocket money on a mobile phone. Mobile cash may be a common various to cash and banks as a result of a transportable signal is simple to use, safe, and use anyplace. These users can win monetary lives, magnified monetary inclusion, economic direction, and economic process. This review provides a summary of the processes and impacts of mobile cash transfers in the developing world as well as the advantages and challenges facing this new technology. Over the past decade, mobile cash services have become a current tool in some developing economies, allowing people to interact with cash digitally while they do not have formal bank accounts.