If you lose your wallet then it means you have lost all your financial belongings for good but if that information is saved in your mobile instead of your wallet, your account is safe from misuse. The modern financial transactions have turned its way towards mobile transactions i.e. Mobile Money or M-banking which refers to payment services operated under financial regulation and performed rom or via a mobile device.
There are some fundamental models of mobile banking which are used and also recommended by GSMA under its “Mobile Money Programme”; these include:
Premium SMS based transactional payments
Direct Mobile Billing
Mobile web payments (WAP)
Contactless NFC (Near Field
The “Overview of the mobile money industry in 2015” of GSMA proved these models very effective as they have increased the importance of online payments than any other industry.
For more on this story visit the following link: Mobile Money Revolution: The Next Big Thing in Pakistan