Mobile money and mobile banking are the terms that people often get confused about. The number of cashless transactions throughout the world is at its historical peak. We all have become so used to managing our life with just clicks and taps including our financial transactions. Some financial institutions that offer both mobile money and mobile banking services also offer International money transfer.
However, there is still a lot of confusion among users. As they say, little knowledge is dangerous. That’s why we’ve decided to offer a bit more detailed information on the topic.
Which one of these two services is best suited to your financial needs? This article will cut through the confusion to help you better understand the difference between these services. Stay connected till the end…
Mobile Money vs Mobile Banking
The terms are not interchangeable. People are confused. And rightfully so.
One of the primary differences between the two is that mobile money allows person-to-person (P2P) payments while mobile banking enables every kind of transaction and also enables users to access traditional banking services on their smartphones. Considerably, both are an extension of traditional banking services. For your clarity,
we have brought this in detail for you. Let’s begin.
What is mobile money?
Mobile money is a service offered by mobile network operators to users worldwide. Another significant aspect of mobile money is that it doesn’t directly involve a bank. You can now easily use mobile money without the need for a traditional bank account. Yes, there are some terms and conditions to deal with the process, however, it is more accessible than mobile banking. Consequently, mobile money services have significantly increased the percentage of people with access to financial services which is a key aspect of poverty reduction.
Mobile money is a widely used digital wallet service that can be easily accessed through a smartphone app. Moreover, it enables the users to go cashless while making payments.Tamsey – allows you to send money directly into a mobile money account overseas. So, now don’t worry, your International money transfer is all safe and fast with us. We offer our customers reliable Mobile Money service and make sure the delivery is within minutes. Download the app today and get started!
What is mobile banking?
Mobile banking can be referred to as an extension of your traditional banking services. You would need a bank account to make the most of mobile banking benefits. Being a digital service, you can run mobile banking through an app or can coordinate with your banking team to manage the tasks. On the other hand, mobile banking allows its customers to make all kinds of transactions, locate ATMs, paying loans, and other essential services. Additional benefits that you get with mobile banking are accessibility, convenience, and good security.
So, the primary differences between the two would be:
Mobile money requires only the user’s phone number and not the bank account while Mobile banking requires the bank account of the user.
Mobile money is controlled by the companies who run the app however Mobile banking is entirely managed by a specific bank.
For the user, mobile money acts like a mobile wallet or digital wallet, and mobile banking acts like a bank in your phone.
Mobile Money vs Mobile Banking: The Final Verdict
So, all in all, both, mobile money and mobile banking are widely used digital money transaction services. The difference is mobile money allows an only person-to-person (P2P) payments while mobile banking enables every kind of transaction. Hopefully, this information helps you get a clear understanding of both. People with less knowledge might find it difficult to decide what to go for. What is exactly a solution, then? Tamsey is a secure, faster, and reliable option for your International money transfer ensuring delivery within minutes.
Download the App and make the most of our Mobile Money Service!! Try Yourself, your comments, feedback, and thoughts are welcomed.