Mobile money is a simple and easy solution to access financial services using mobile phones. Indeed, a mobile wallet is like a bank account, but is accessed and managed via a mobile phone. With a simple tap on a screen or with an SMS, instructions like money transfers can be easily performed.
Is this different from airtime top-ups?
A number of telecom network providers allow prepaid minutes to be exchanged between clients. One can also buy airtime for family or friends. The airtime can then be used to call or access the internet with mobile networks. Sometimes, people will accept to exchange airtime with goods or even cash. The difference with mobile money is that there is no guaranteed cash equivalent. With a mobile money solution, the recipient will always be able to withdraw cash from his mobile wallet at an agent location.
How can it be used for international money transfers?
If you want to send money to someone who already has a mobile money account, it is a quick and simple process. When you see this icon on a product description on TawiPay, this means that the money transfer operators can send money directly on someone’s mobile money account. You just have to add the amount you wish to send, then add your recipient mobile phone number and send the money with complete peace of mind that they will receive the money in the shortest period of time.
It is important before sending that you ensure the recipient has an account with the specified mobile money companies.
How can the recipient use the mobile money transfer?
Once a money transfer to a mobile money wallet is received, it can be used for just about anything depending on the mobile money operator. It can be used to pay for products or services, pay bills, transfer to someone else or even be withdrawn and exchanged to cash. Beware that some costs may apply to withdraw the funds in cash.