Mobile Financial Service

The term ‘Mobile Financial Services’ (MFS) encompasses, a broad range of financial activities that consumer engage in or access using a mobile phone. MFS refers collectively to a set of applications that enable people to use their mobile phones to operate their bank account, credit/debit money from the account, store value in an account linked to their mobile handsets, transfer funds to other’s account, or even access credit or insurance products. In MFS a mobile device can also be used to conduct a payment transaction in which money or funds are transferred from a payer to a receiver via an intermediary (banking agent or business correspondent or an authorized merchant), or directly without an intermediary. Mobile devices can be used in a variety of payment scenarios, such as payment for digital content (e.g., ring tones, logos, news, music, or games), tickets, parking fees, and transportation fares, or to access electronic payment services to pay different bills, invoices etc. Payments for physical goods like groceries, electronic items etc. are also possible, both at vending machine and at manned point-of-sale (POS) outlets.

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