Although banks are available everywhere in the world, many people are still unable to access basic financial services. According to the World Bank, at least 1.7 billion adults don’t have a bank account.
In less affluent areas, where bank access is limited, mobile phones are more common and accessible. Today, it’s estimated that there are 6.92 billion smartphone users worldwide — almost 85% of the world’s population. The growth in mobile phone usage sparked a revolutionary banking alternative called “mobile money applications.”
What Are Mobile Money Applications?
Applications like Orange Money are prime examples of mobile money apps. They’re essentially an electronic wallet service that allows users to send, receive and store money using their mobile phone.
How Do You Register for Mobile Money Apps?
First, you download your designated network operator’s mobile money app onto your phone and register an account using your number. After this, you can visit a nearby branch, an authorized point of sale or partners’ outlets to deposit money into your account and submit any required documents.
Once activated, you can make all sorts of financial transactions with just a few taps on your phone.
What Can You Do With Mobile Money Apps?
Although not all network operators offer the same services, the following are some of the most common uses of mobile money apps:
1. Money Transfers
You can transfer money locally or internationally to other mobile money users or bank accounts (only if they recognize and support the app’s services). Such transfers typically incur lower fees than traditional bank ones. However, with international transactions, the recipient’s country and the transfer value will determine the cost.
2. Bill Payments
Some network operators partner with third-party vendors like eFAWATEERcom in Jordan and other similar services globally to enable users to pay their bills on the go. These could include electricity and water bills and even government-issued fees, like traffic tickets.
3. Mobile Top-ups
Through mobile money apps, you can instantly reload your prepaid phone credit whenever you’re running low. Reputable network carriers like Orange go the extra mile and allow their users to top up their credit using Orange Recharge. This browser-enabled service accepts Visa and Mastercard debit and credit card payments for refills — without you even entering the app.
4. Card-Based Transactions
As an added feature, some network operators give their users a physical card that is linked to their mobile money account. With it, they can make several financial transactions, including:
- Cash withdrawals from ATMs of partner banks
- Online shopping
- Instore purchases with local and international merchants’ POS machines
- Bill payments
5. Charitable Donations
Mobile money apps facilitate charity donations, too. Network operators often join forces with local charity organizations to allow their clients to contribute to a good cause quickly and conveniently.
Tap into Instant Payment Convenience
Mobile money apps are the new and improved way to handle your everyday financial needs. They’re quick, secure and accessible from anywhere in the world. Whether you’re sending money to a friend or family member, paying bills or topping up your phone credit, mobile money apps are right by your side (or rather, in the palm of your hand) to make the transaction as smooth and easy as possible.