scholarly journals Analysis of Electronic Payment Systems in Ghana - A Case Study of Mobile Payment System

2018 ◽  
Vol 6 (06) ◽  
Author(s):  
Francis Agbenyegah Kwadzo ◽  
Regina Kafui Adroe ◽  
Dr. Michael Asante
Keyword(s):  
Mobile Phone ◽  
Financial Services ◽  
Banking Sector ◽  
Mobile Payment ◽  
Electronic Payment ◽  
Payment Systems ◽  
Next Of Kin ◽  
Bank Account ◽  
Mobile Money ◽  
Money Transfers

Mobile payment is an electronic payment made through a mobile device. As the number of mobile phone subscribers in Ghana increases, so does the market for mobile money services. The majority of Ghanaians lack any formal bank account. An estimated 80 percent of Ghanaians are “unbanked” – meaning they conduct their transactions outside the banking sector with no access to financial services. Products like “mobile money,” that enable safe and secure money transfers without the use of a bank account, could have a major impact on this unserved segment of the population. Mobile money gives anyone with a mobile phone the ability to transfer money, make cash payments and conduct other financial transactions over the phone. Currently, there are four mobile money payment systems in Ghana, namely, MTN mobile money, Vodafone (VF) cash, Tigo cash and Airtel money. For an effective operation of these systems, Privacy, Traceability, Cost of Transaction, and Simplicity of the Processes involved are of much interest. The study examined the loopholes in the current mobile payment systems and proposed a framework to address the loopholes such as: Entering of information on next of kin into the system during registration, acceptance of year of birth as PIN, transactional PIN decrypted, no entering of a Valid ID number into the system, no provision for security word during token cash out, no provision for guarantor information, no provision for BoG permit number, no provision for police clearance number, and data in transit not encrypted. Keywords: Transactions, mobile money, traceability

scholarly journals APPLE, SAMSUNG И ANDROID PAY: FEATURES OF CONTACTLESS MOBILE PAYMENT SYSTEMS AND THE PROSPECTS FOR THEIR IMPLEMENTATION IN RUSSIA

2017 ◽  
Vol 11 (3) ◽  
pp. 126-135
Author(s):  
Анна Силаева ◽  
Anna Silaeva ◽  
Георгий ИГНАТЕНКОВ ◽  
Georgij IGNATENKOV
Keyword(s):  
Mobile Phones ◽  
Financial Services ◽  
Mobile Payment ◽  
Strategic Analysis ◽  
Competitive Advantages ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Payments ◽  
Important Trend ◽  
Stable Growth

In recent years, the several trends are stable: growth in sales through mobile phones, increasing the share of cashless payments, access to the market for electronic payment companies that have never provided financial services before, and the simplification of tariff schedules. An important trend is the emergence of mobile payment systems, such as Apple Pay, Android Pay, Sam-sung Pay. Unfortunately, there are many myths around such services, as well as misunderstandings about how they work, for what they are in need, what they bring to the market, and whether they bring security and confidentiality. The presented material is devoted to the development of innovative technologies and services in the field of electronic payments. The relevance of the declared issue is determined by the active development of contactless payment technology in Russia, which is a good example of a symbiosis of the bank's work, payment system and telephone. Contactless payment with a mobile phone will be a step towards a denial of cash. The article reveals the essence of these payment systems, the features of their use, the competitive advantages of contactless mobile payment systems. Also, the authors discusses the implementation of these payment systems in Russia's realities, notes the problems that they may face in the process of implementation and use. The article uses methods of strategic analysis, content analysis, analysis of documents and observations. The features of the introduction and development of contactless mobile pay-ment systems identified during the research can be considered as a basis for further research in this field.

scholarly journals The Nexus between Mobile Money Regulation, Innovative Technology and the Promotion of Financial Inclusion in Zimbabwe

2021 ◽  
Vol 24 ◽  
pp. 1-33
Author(s):  
Howard Chitimira ◽  
Elfas Torerai
Keyword(s):  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Banking Sector ◽  
Regulatory Framework ◽  
Financial Inclusion ◽  
Innovative Technology ◽  
Technological Innovations ◽  
Mobile Money ◽  
The Poor

The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.

Innovation and Financial Inclusion in Kenya Innovation and Financial Inclusion in Kenya

2017 ◽  
pp. 207-227
Author(s):  
Josphat Njuguna Omanga ◽  
Johannes Kabderian Dreyer
Keyword(s):  
Mobile Phone ◽  
Financial Services ◽  
Financial Innovation ◽  
Disruptive Innovation ◽  
Financial Inclusion ◽  
Mobile Service ◽  
Informal Providers ◽  
Money Transfers

This chapter analyzes the role of financial innovation and mobile phone technologies to financial inclusion in Kenya. In order to do so, a case study on M-PESA is conducted, the leading mobile service of money transfers in Africa, which is offered by Safaricom. M-PESA services are cheap and easy to use in comparison to other formal and informal providers of financial services. It solves two different problems in Kenya: customers do not have to travel anymore long distances to reach financial services and more people can afford them. As result and in line with the literature, this chapter suggests that M-PESA services can be considered a type of disruptive innovation that promotes financial inclusion and wealth growth in Kenya.

The Analysis of Money Laundering Techniq

2011 ◽  
pp. 138-145
Author(s):  
Krzysztof Woda
Keyword(s):  
Money Laundering ◽  
Single Phase ◽  
Mobile Payment ◽  
Electronic Payment ◽  
Multistage Process ◽  
Payment Systems ◽  
Terrorism Financing

There exist many connections between money laundering and terrorism financing concerning illicit practices for fundraising, transfer or withdrawal of funds. The characteristic multistage process of money laundering is also typical for the terrorism financing and often contains a series of transactions in order to conceal the origin or disposition of money. The purpose of this article is the analysis of the best suited techniques of money laundering for terrorism financing using electronic payment systems (like transfers, mobile payment systems or virtual gold currencies). Furthermore, the suitability of payment systems for conducting secret transactions for terrorism financing will be analyzed regarding the realization of a single phase of money laundering.

scholarly journals Operators of foreign payment systems and foreign providers of payment services as subjects of national payment system

2020 ◽  
pp. 14-24
Author(s):  
Aleksandr Aleksandrovich Sitnik
Keyword(s):  
Public Relations ◽  
Russian Federation ◽  
Financial Services ◽  
Legal Regulation ◽  
Payment System ◽  
Electronic Payment ◽  
Payment Systems ◽  
Financial Transfers ◽  
The Russian Federation ◽  
Payment Services

This article is dedicated to study of peculiarities of legal regulation of the work of operators of foreign payment systems and foreign providers of payment services within the framework of national payment system of the Russian Federation. The object of this research is the public relations that emerge in the process of rendering payment services by foreign providers, their provision of electronic payment means for financial transfers on the territory of the Russian Federation, functionality of the operators of foreign payment systems, and supervision by the Bank of Russia. The subject of this research is the legislative norms on national payment system. The scientific novelty consists in the fact that based on the positions of the legislation on national payment system conclusions are made on peculiarities of carrying out supervision over the operators of foreign payment systems and foreign providers of payment services. This supervision is also indirectly carried out through Russian operators of financial transfers. In a case of failure by a foreign organization to meet the requirements established by the legislation on national payment system, the operators of financial transfers loses its right to take part in international payment systems and render financial services associated with transfer of funds using electronic payment methods rendered by foreign providers. The corresponding rules were set to ensure stability of national payment system, increase the quality of payment services, protect the rights and lawful interests of payment service consumers, and finally, ensure financial security of the Russian Federation.

A Stakeholder Analysis for Collaborative Mobile Money Service

2013 ◽  
Vol 64 (1) ◽  
Author(s):  
Azza Z. Karrar ◽  
Azizah Abdul Rahman
Keyword(s):  
Mobile Phone ◽  
Financial Services ◽  
Service Provision ◽  
Stakeholder Analysis ◽  
Financial System ◽  
Analysis Approach ◽  
Mobile Money ◽  
Face To Face ◽  
Regulatory Bodies

Mobile money is the use of mobile phone to access financial services by unbanked users who were not previously connected to formal financial system. Providing mobile money service requires collaboration between different stakeholders from different sectors: financial, telecommunication, regulatory bodies and retail agents. The aim of this study is to understand the different mobile money stakeholders’ interests in participating in mobile money ecosystem, their position from collaborative mobile money service provision policy, the different resources that they are willing to participate with and the possible collaboration alliances that they can formulate. Qualitative semi-structured face-to-face interviews were conducted to collect data from different stakeholders in different sectors in Sudan. The data was analyzed using stakeholders analysis approach and results of the analysis were presented using different diagrams that contributes toward better understanding to the mobile money ecosystem in Sudan.

A skills perspective on the adoption and use of mobile money services in Uganda

2018 ◽  
Vol 35 (5) ◽  
pp. 724-738 ◽  
Author(s):  
Rebecca I Kiconco ◽  
Gerrit Rooks ◽  
Giacomo Solano ◽  
Uwe Matzat
Keyword(s):  
Mobile Phone ◽  
Financial Services ◽  
Adult Population ◽  
The Other ◽  
Sub Saharan Africa ◽  
Cognitive Resources ◽  
Mobile Money ◽  
Mobile Financial Services ◽  
Sub Saharan ◽  
English Literacy

Adoption rates of mobile financial services within sub-Saharan Africa still appear to be below par. The 2016 Groupe Spéciale Mobile Association report shows that over 60 per cent of the adult population in sub- Saharan Africa do not use mobile financial services. We investigate how cognitive resources, namely, mobile phone skills and English literacy, influence the use of mobile financial services. We test our hypotheses using a sample of 208 individuals from an urban location in Central Uganda. We measure actual mobile phone skill using a newly developed scale. The results show that a marginal increase in mobile phone skills has a strong effect on the odds of adopting mobile money, but a less strong effect on the extent to which the functionalities of the mobile money application are used. On the other hand, English literacy has no influence on both adoption and the magnitude of services individuals use.

The Reality of Mobile Payment Systems and Social Inclusion in Latin America

2020 ◽  
pp. 901-923
Author(s):  
Myriam Martínez-Fiestas ◽  
Katia Oviedo-Cáceres ◽  
Ignacio Rodriguez-Garzon
Keyword(s):  
Latin America ◽  
Social Inclusion ◽  
Business Models ◽  
Financial Inclusion ◽  
Mobile Payment ◽  
Payment Systems ◽  
Mobile Money ◽  
The Social ◽  
Social Disparity

This chapter describes the role of mobile payment systems in Latin America as a means leading ultimately to social inclusion and financial inclusion. Specifically, the first section will discuss the social disparity in Latin America and the existence of financial and social exclusion. The second section will analyze Latin America's mobile payment systems, the region's current panorama of mobile money, the general trends that characterize money and the business models used for mobile money.The third section will review mobile money as a mechanism of financial inclusion and its role in reducing poverty in Latin America. This section will also analyze the barriers to financial inclusion.The fourth section will focus on the risks of mobile payment systems such as money laundering and terrorism funding.The chapter will conclude by comparing the similarities and differences of mobile payment systems that contribute to social inclusion implemented in Brazil, Colombia, Mexico, Paraguay and Argentina.

Mobile Money

2021 ◽  
pp. 146-174
Author(s):  
Tavneet Suri
Keyword(s):  
Developing Countries ◽  
Mobile Phone ◽  
Financial Services ◽  
Developing Economies ◽  
Not Given ◽  
Mobile Money ◽  
The Future

The chapter focuses on mobile money—one of the most celebrated innovations in the developing economies, that adds service over the mobile phone. The chapter highlights the economics behind the product, what may have driven to the wide adoption of mobile money in developing countries and the impacts it has had on the users of the financial product. The focus is mainly on the Kenya-based M-PESA given its success, but also discusses more recent innovations that build on mobile money systems to deliver additional financial services and value. It is noted that although these innovations exist, they have not given rise to a thriving Fintech sector. The chapter therefore also discusses the constraints to the growth of mobile money and what this implies for the future of mobile money in developing economies, and where the most exciting opportunities for research may be.

scholarly journals Recent Advancement in Mobile Payment Security Systems

2019 ◽  
Vol 9 (2) ◽  
pp. 5099-5103
Keyword(s):  
Mobile Devices ◽  
Wireless Systems ◽  
Security Requirements ◽  
Mobile Payment ◽  
Payment Systems ◽  
Security Systems ◽  
Recent Advancement ◽  
Authentication And Authorization ◽  
Secure Protocols ◽  
Money Transfers

The recent advancements in Information Technology have brought considerable changes in the way tasks are accomplished across the globe. The world has become a more connected place and a major impact as well as reason of this can be attributed to the steep rise in the usage of mobile devices. Mobile devices are being used for online payments in the form of shopping, money transfers, bill payments and what not. The majority of monetary transactions on the Internet now take place through mobile devices and therefore, mobile payment systems being wireless systems calls for an even more secure protocols and payment environment. Although the various security protocols available today boast of implementing the security requirements i.e. data confidentiality, integrity, non-repudiation, authentication and authorization, still the security of mcommerce transactions remain a major concern for mobile payment users. A number of m-commerce security techniques, models and protocols have been proposed by authors in recent past. This paper presents the recent advancements of the models and techniques authors proposed and the technologies and protocols used in these models. The paper also highlights the open areas of research in the field.

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