Mobile populations: According to the United Nations survey 60% of the world’s population uses mobile phones i.e. 6 in 10 of world’s population. Yes it is hard to calculate precisely How many of them actually uses mobile. But, there is a significant population for a business opportunity and many of the Financial Institutes and Retailers have penetrated into the Mobile Market.
Mobile phone business opportunities: With the growing population in mobile usage mobile phone has become one of the prime channels in Financial Services. The two key functional areas where mobile helps the Financial Services are Mobile Notifications and Mobile Payments. Let’s consider Bill presentment and Payment functionality in retail Market. Bill Presentment and Payment is a common and important functionality (For example: receiving and making payments for the utility bills like Mobile bill, electric bill, Gas bill, etc). As of today Text Messaging is the quickest way of presenting a bill summary to the Consumer and to send a gentle reminder for a Payment. Consumer can pay the bill via Text Messaging as soon as they receive the bill summary message or a reminder notification.
Challenges: Security, Legal Issues and Pricing. Let’s look into these areas of concern in the next blog.
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