Advancements in mobile payments technology have allowed corporations to reduce their cost of cash sales. Consumer goods companies operating in emerging markets are set to benefit most, although developments in the mobile payments sector have also a positive impact on corporations in all markets globally. Mobile operators, payment providers, platform vendors and governments are well positioned to gain from the sector’s advancement.
Mobile technology is revolutionizing financial services throughout the world and, many of these developments have been consumer-led and focused. However, recent technological advancements have opened a significant opportunity for corporate payments, and for corporate disbursements and collections. The business case for companies in the fast-moving consumer goods (FMCG) market is particularly strong, Mobile Money Consulting has found. Even in more developed markets where cash constitutes a smaller yet significant proportion of sales and collection.
Corporate Mobile Payments present an opportunity to build the wider mobile payments ecosystem from the top down. Bypassing on some of the savings from mobile technology, corporations can encourage the acceptance and adoption of mobile payments from distributors, merchants and consumers alike. This incentivisation through the distribution channel also has a positive impact on financial inclusion, particularly in emerging markets as more consumers, merchants and SMEs are encouraged to use their phones for payments and transfers.
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