According
to the November 18th, 2014 PCMag.com article “How Your Smartphone Is Killing
Money”, mobile phones are being used to establish a modern financial
infrastructure in several developing countries.
Mobile
payment services are changing the daily lives of people around the world,
providing banking services in place of banking institutions. Services like
Vodafone’s M-Pesa allow users to deposit money into accounts linked with their
phone number and, afterward, to exchange funds with anyone with a phone.
Depending on the market, consumers can use these cashless services to pay
bills, withdraw money, purchase goods and services or send money to family in
rural areas.
This new
virtual economy is flourishing in Eastern Europe, South Asia and the Middle
East but, most especially, in sub-Saharan Africa. According to a World Bank
report, although less than 25 percent of Africans had a bank account as of
2012, 40 percent possessed a mobile phone. Add to that a June 2014 report from
Ericsson Mobility that found that more than 50% of the mobile users in
sub-Saharan Africa would be interested in using mobile banking/wallets in the
future—and mobile payments are clearly making waves all over the world and it
is in this rapidly changing environment that IFAN Financial is setting up shop.
IFAN
Financial and its wholly-owned subsidiaries, particularly iPin Technologies,
design, develop and distribute software to enable mobile payments. These
companies’ offer several capabilities including the ability to use a debit card
and corresponding PIN number to make peer-to-peer cash transfers or online
purchases using a mobile phone, tablet, or computer.
The
private iPIN Technologies Network is set up to process all types of
transactions for Information and Communications Technology (ICT) customers who
are interested in paying online merchants using an existing iPIN device. As the
mobile payment industry expands, iPIN Technologies will seek to evolve to
provide processing services for the ICT industry’s future devices.
Mobile payments
have not entirely replaced cash in the developing world but they do demonstrate
how mobile technology is transforming daily life, and rapidly.
For more
information, visit the companies’ websites at www.ifanfinancial.com and
www.ipintechnologies.com
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