Mobile Finance Service
In 2016, there was an exponential growth of apps that offer mobile finance services, for example PayTM, PayUmoney, Mobikwik, etc. Nowadays people are preferring to do cashless transactions, even credit card or debit card are old trends. People are shifting to pay using such mobile apps that offer mobile finance services. Such apps not only allow you to pay for shopping, but also has options to recharge your phone, pay phone bills, DTH bills, electricity bills, etc.
Such MFS apps are basically electronic wallets, in which user can store money and can make payment at any time and from anywhere, all they need is internet and mobile network. User can also transfer money to other user or withdraw money from certified bank branches. Such MFS apps are having features similar to that of banking and much more. The transactions are faster and more secure than carrying cash or card. People around the world are shifting toward mobile finance services apps and therefore in year 2017, it can be predicted that more feature loaded and secure mobile finance services apps will be launched.
- Using mobile financial services can be a critical step for MSMEs to be financially included and join the formal economy
- Mobile money can help MSMEs be more productive and increase their revenues
- Using mobile data for credit scoring can help increase access to finance for a greater number of MSMEs