Mobile Banking

With the fast growing technology, most services are readily available on phones. Apps have been developed to make money transactions easier and reliable. You do not have to walk to the bank to make a deposit or a withdrawal for your money- all you need is your phone with you. Mobie banking allows you to pay for products and services among other services. The technology has made it easier for businesses to operate, with money in your phone, offering and recieving products and services has been made much easier. On the same note, it has enabled online jobs such as trading.

Some of the advantages of mobile banking include;

• It is fast and convinient; transactions are instant  with mobile money. You can check and manage your back information through your phone.
• The sim card is used as the phone`s security which only the holder has access. With this, the money in your phone is secure as long as you don`t share your details.
• Accessible on a 24/7 basis. Unlike when people used to rely on banks and had to endure long queues before accessing their money, it is now easier with phones, as long as you are holding it.

However, just like any other technology, mobile banking also has its disadvantages which include;

• Technical issues; At times, phones and mostly the mobile apps may be slow and cumbersome which is an inconvinience to the users.
• Security; eventhough  the phones` secutity and customer`s information is secured, hackers at times find a way to cracking through and personalizing the users which ends up to theft and loosing information.
• High charges; All the transactions require an initial fee which varies depending on the amount of transaction.
• Limits; Unlike banks, mobile money has a limit both in transaction, withdrawal and depositing. This has affected most businesses especially those that deal in bulk buying abd may require a lot of money.
• Scams; Most cstomers have been complining of scam messages and calls which have made them lose their money. For this, the referred M- anking apps have resulted to having a specific SMS and call number.
• Dependancy on the changing technology has ,made it hard for the services to be trusted since the Apps keep updating their services.