The major target of conceptualizing mobile money are developing and under developed markets and the catering to business needs of MNOs along with banks and other financial institutions.
Mobile money generates an opportunity for the financial institutions, banks and mobile network operators to reach and offer their services to unbanked and untapped markets. Leveraging mobile money mechanism, banks can gain following benefits:
Through mobile money, unbanked population can avail the financial services easily without actually holding any bank account. This unique mobile money mechanism is highly secure, regulated and user-friendly to rely upon. After setting up a stored value account (m-Wallet), mobile subscribers can manage their payments, finance and other value transactions easily. m-Wallet can be used for cross border fund transfer along with mobile wallet aggregator in which services of other companies can be integrated and used. These may include:
Using Prepaid Stop mobile payment platform, customers can transform money into electronic funds and transfer it to any other account, make payments for any purchase or top up their mobile phones. This electronic fund can be used to withdraw cash, pay bills, receive salaries or even buy goods.