Thursday, 3 July 2014

Mobile Money Services – Convenient Option for Financial Transaction

iWallet
Apple Technology has been enhancing its products making great changes in the lives of consumer. `Mobile Money’, is the most convenient option for customers, to maintain `stored valuable as well asan electronic account that can be accessible from their mobile phone, which can be utilised for various purposes of financial transactions.

Mobile Money is one of the highly effective systems of securing electronic transactions in developed as well as developing markets and in present times we find more individuals with mobile phones than a bank account. Mobile money has been connecting service providers and users in turning their mobile phone into an electronic financial account wherein there are users from all walks of life.

 The rise of mobile money accounts for deposit and payment facilities are centred on a mobile phone which can be operated with ease and comfort combined with precautionary measures which need to be adhered to by the user.

As per statistic which have been compiled by Leo Mirani of Quartz, he indicates that a major section of the overall world’s population have a collective inclination to move beyond the traditional transaction method to mobile money services which seems to be a better option that is convenient and quick.

Touch ID – Next Generation iPhone

iPhone customers generally come from wealthy background and have been relying on electronic payment by way of credit cards and web payment services though these processes are comparatively insecure making this system of payment ecosystem prone to being insecure.

Tim Cook, Apple Chief Executive during one of the company’s quarterly results conference call in January this year, had announced that his company would be interested in this issue informing reporters that` the mobile payment area in general is what they are intrigued with and that it was one of the thoughts behind their Touch ID’.

Many are of the belief that Apple’s entry in this field would come at the beginning of fall with the so called next generation iPhone 6, which has been reported to comprise of near field communication, short range wireless data transfer stand powering almost every modern contactless payment system which has shown a few useful cases outside the arena.

This system could also enhance the popularity of Apple as the most sought after mobile money account provider in the world. Apple has been selling over 30 million iPhone every quarterly where almost every individual buying iPhone ties it to a credit card backed iTunes account.

Handset Based Payment

Besides short term gains, it would also be leading to long term growth while individuals in developing countries who have been accustomed to handset based payments tend to grow more prosperous and would be looking forward to more advanced devices like an iPay’, system which would be a far advanced option from rivals like Window Phone and Android.

If Apple is successful in driving the adoption of iTunes backed mobile payment system among its rich consumers, while at the same pace as a similar system in the developing countries, it could be one of the most profitable and important strategic headway of the company as the iPhone becomes the next iWallet for consumers making it a convenient option for financial transaction. Do get back to Mono-live for more intriguing information and insight on Apple Technology.

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