What is Money by Mobile
When we talk of Money by mobile or to mobile, we are referring to the process by which people who has an active account in any of the financial institutions (Banks) will spend, sent or receive ffunds by the help of phones.
So banking or business transactions can be carried out using mobile phones either with internet connection or not.
How do Money to Mobile work
Mobile money is a service that stores funds in a secure electronic account, linked to a phone number. You can think of it as a mobile wallet. You can pay in to this account through your bank account or through your network providers.
Another form is also the money you have in your bank account. You will recall that any bank account you open with any financial institution is linked to your mobile number.
So money to Mobile can help you on shopping, transferring to a friend, paying for your bills like, Electricity bills, water bill, your cable network and many more.
Have you tired Apps that pays you real money
All the network operators and financial institutions has provided their customers with means by which they can move funds using Mobile devices. This can either through mobile apps, website or short codes. Below are the mobile Money transfer codes for all networks and banks in Nigeria
Advantages of Mobile devices in transaction
- Multi-faceted – there’s so much users can do with a mobile money account. They can receive, spend and send funds to people anywhere with their mobile phone.
- Direct – users can receive money directly to their phones numbers without going through any middlemen.
- Fast – users can receive, send and spend money instantly.
- Convenient – mobile money accounts are always to hand as they sit on users’ mobile phones, This can be used anywhere there’s a mobile phone signal.
- Secure – funds held in this account are protected by local financial regulations. Users’ identity must be checked – making it hard for fraudsters and criminals to use these services illegally.
- Low cost – if you send mobile money with WorldRemit and you’ll find our fees are low and we offer bank-beating exchange rates.