In the past decade, all over the world people have become increasingly dependent on their cell phones.  The cell phone is no longer a device just for making phone calls,  it has become an alll-encompassing part of our daily lives: calendar, organizer, camera, internet browser in developed markets, and a life-changing and even life-saving device in developing countries, where cellular phones are used for such diverse needs as sending money, receiving critical market information, transmitting vital health care data, and as a stepping stone to financial inclusion.  In developing countries, where few people have access to personal computers, the cell phone is the primary access to the Internet and the wealth of information and benefits that it provides.  In many countries throughout the world, mobile payments have become an increasingly popular and convenient mode of making money transfers, wiring funds, paying bills, and even making charitable contributions, replacing cash, checks and even credit cards in many cases.  In this article, we’ll explain the concept of mobile payments and how it can benefit your everyday life.

What is a Mobile Payment?

Mobile payments is an alternative payment method used to pay for goods and services,  in lieu of traditional payment instruments such as barter, cash, check, and credit/debit cards, particularly in emerging market countries where it serves as an excellent vehicle for micro-payments.   There are various ways to execute a mobile payment- depending on the services provider- the options range from basic SMS (short message service), to menu-driven applets downloaded to the phone, mobile web payments (WAP- Wireless Application Portocol) to near field communications. Mobile payments is increasingly popular in developing countries where mobile penetration is high, and most people still transact predominantly in cash, are unbanked and lack access to financial services. 

How Can I Benefit From Mobile Payments?

Mobile payments gives you the freedom and flexibility to manage your finances and payments 24 hours a day and from wherever you are.  It can provide the security and conveniences that previously were restricted to people with bank accounts,debit/credit cards and all the associated benefits such as access to a wide range of financial services,  Mobile payments has the potential to significantly narrow the costly asymmetry between the banked and the un-banked. when it comes to financial inclusion.

The Future of Mobile Payments

According to research as seen in the 2006 consumer report, “Mobile Commerce: Dealing with the Devil in the Details”, mobile commerce is anticipated to grow exponentially in the coming years. Currently, there are approximately 43.1 billion mobile payment users, and based on the global research firm, Gartner, it is expected that there will be over 190 million mobile users by the end of 2012.

Mobile payments will continue to grow in usage and acceptance, particularly in developing countries as a convenient and effective  mode of making and receiving micro payments and for performing a wide range of financial and banking transactions, across an increasingly inclusive financial spectrum- from simple micro-payments to the opening of bank accounts and eventual access to a full range of financial services . As companies continue to develop this payment methodology, customers in developing countries can expect to leap frog traditional payment channels and bank accounts.  Just as billions of people around the world never had a fixed line before they had their cell phone, so will they now skip traditional electronic payment methods, and go from cash to mobile and from no bank to “movile banking”.

Whether you manage a small business or handle a lot of cash within a large company, making transaction with cash is a very expensive process with lots of security risks.  Carrying a  high inventory of cash because there is a poorly developed electronic and banking infrastructure is time consuming, expensive and fraught with security risks.  Mobile payments is a viable and affordable alternative to cash.  With the eZuza mobile payments service, you can make and receive electronic payments from merchants and vendors regardless of their size, so long as you have an eZuza mobile wallet, perform cashless delivery servicesall from the convenience of your PC or cell phone. Here are a few commonly-asked questions about our services:

Q: How do I make a cash-out transaction (take cash out of my eZuza account)?

A: Taking cash out of your eZuza wallet is a simple and convenient transaction:

If you are a business client and have a bank account, all you need to do is send a request to eZuza (by SMS or online) to transfer funds from your electronic wallet to your bank account.  If you are a business that does not have a bank account then all you need to do visit one of our thousands of eZuza Agents located across the country.  Once there, simply indicate to the Agent the amount of cash you would like to withdraw and the Agent will process your cash-out request and provide you with the corresponding amount of cash assuming that the funds are in your account. eZuza will notify you by SMS (short message service) or other electronic communication to your phone or computer once the transaction is complete, providing you with a transaction code and the new balance in your eZuza account.

Q: How do I make a cash-in transaction (add funds to my eZuza account)?

A: If you are a business you can make a cash-in transaction to your eZuza wallet in multiple ways:

1)      If you have a bank account, you can add funds to your eZuza wallet via a direct deposit from your bank account.

2)      If your business does not have a bank account, you can visit any of our thousands of eZuza Agents located across the country.  Once there, simply indicate to the Agent the amount that you would like to add to your eZuza wallet.  The Agent will then initiate a cash-in transaction and upon handing over the cash to the Agent, your eZuza account will be credited.  You will receive an immediate SMS or other form of electronic confirmation to your cell phone,  along with a corresponding transaction number and the new balance in your eZuza wallet.

3)      You can also add funds to your eZuza account via a debit/credit card at the eZuza website.

Q: Does eZuza.com accept wire transfers?

A: Yes, eZuza can accept wire transfers. The Sender must include the name and number of eZuza account to be credited.  More information on how to do a wire transfer and any other transaction can be obtained by calling our eZuza help center at 0.000.000.000.

As you can see, eZuza’s mobile payment features offer small and large businesses alike the convenience of cash-transactions via cell phone or internet connection, providing security,convenience and savings.