Technological innovations with the past 5 decades
Mobile phone-based money transfer
In recent years, there have been numerous breakthrough in technical advancements just like electronic term processing, online community, instant messaging, Blue-ray, smartphones, search engines, Satellite TV, Wi fi, lithium normal rechargeable batteries, on-line stock trading, Wireless bluetooth, DNA profiling, genetic sequencing and many others. These innovations aid in our everyday lives particularly in the fields of communication, treatments, banking, cultivation, transport and entertainment. One of the most beneficial and successful improvements of the modern world is mobile phone-based funds transfer (MMT). The use of mobile phone phone-based money transfer has already established life changing affects not only to people but likewise to businesses in the producing countries (Au & Kauffman, 2008). MMT provides a basic, secure system for promising small to medium-size financial transaction to people with limited or inadequate formal economic or bank services. They have emerged as a very fast and convenient technique of money transfer in that folks are able to make instant orders at any time of day or night from the safety of their homes, as they travelling or even at work without having to make tedious journeys to the lender. In the countryside areas, where there are couple of or no banking companies and level of literacy is minimal, MMT has come in handy as it only requires basic cellular operation know-how and network coverage. The costs involved with banking software program as month to month charges, journal fees, purchase fees, and transport costs to and from the lender have been reduced by MMT. It removes the need for the customer's physical presence as well as the only expenses admissible happen to be sending and withdrawal expenses that are comparably lower than the reigning financial institution charges (Au and Kauffman, 2008). In many developing countries, payment of bills have been made possible through MMT without having to be charged extra for the transaction...
Referrals: Au, Sumado a. & Kauffman, J. (2008). The economics of portable payments: Understanding stakeholder concerns for an emerging economical technology app. Electronic Commerce Research and Applications, six, 141вЂ“164.
Coetzee, G., Kamau, K. & Andrew N., (2003). Choosing Banking services to the people: Equity's Mobile Banking Unit. Nairobi. Kenya.