Mobile Money

The concept of mobile money differs by country. For an individual in a developed country, mobile money can include any type of transaction, from e-commerce to a mundane activity such as paying bills over the mobile phone. In developing countries, the concept of mobile money can take on a more traditional definition—use of mobile phones to conduct financial and banking transactions, such as to send money or receive money, as defined by David Porteous. With the rise of e-commerce, the usage of online service providers, such as PayPal, has also increased worldwide. According to World Payments Report, noncash payment transactions grew by 8.8 percent in 2011, and developed countries accounted for 77 percent of these transactions. Emerging and developing countries have also seen an increase ...