REVIEW OF TREND IN MOBILE BANKING AND MOBILE PAYMENTS (Published)
Banking services using mobile phones (M-banking) have been available in developing as well as developed countries for several years, but it is not until recently new modalities of applying M-banking have started to diffuse rapidly to previously unbanked people. The main driver for the rapid development is the new M-banking services that are less expensive and have a geographical footprint defined by the reach of mobile networks in contrast to services offered by traditional retail bank branches that are out of reach for many people in rural areas from both an economic and geographical perspective. The main benefits to rural users are affordable, fast and secure transactions. The topic is interesting as M-banking access amongst previously unbanked groups is believed to have a direct, positive effect on users, positively affect a transition from informal to formal transactions and hence alleviate poverty and add lubricant to the overall economic development machinery
Keywords: Banking, Mobile Banking, Mobile Payment, Payment
