Sending Money using a cell phone in kenya
Technology is moving very fast that you cannot left behind, particularly in Kenya and the world at large. Who could have thought of money being transfared using our mobile phones, is this a joke or just technology in spped.
How this work using cell phone with one of the subscriber called safaricom.
People are sending money in the easiest and cheapest way never experienced before in kenya using their phone gadget. This is something which was reserved for the banks to do transfer on behalf of it's client. Now what does this means for the bankers, various implications
- Downsizing of employee is eminent - technology at it's best, to reduce jobs
- Interbank tranfers charges are reduced
- Queue up at the bank to widhtdraw money is a gone case
- Money moves faster than before
For you to send money you have to be registered as an M-Pesa users in order to benefit for lower rates as compared to non registered. Once you have your phone with the SIMCARD of the subscriber which comes with already installed software of sending money. You go to the agend of the componay who are all over the country since it's a booming business to send and recieve money using their services, You will send using your phone to the intended person, after that you get a confirmation code (SMS) within seconds, telling you that money has been transfered from your account to the repicient, who receive also some code(SMS) telling them that they have received some money from so and so. The receiver goes to the Agents to widthdraw the money instantly.
What are the drawbacks of the system
- Sometime lack of funds where only people receiving exceed those who are sending
- Long Queue in rural villages since this is the only cheapest mechanism to get money faster
- System breakdown normally paralize everything hapenning
Technology is move very fast what's your pace with it??????????????