Essay: Transferring Funds through the use of Mobile Phones
One’s ability to gain access to a required service plays an important role in the use of mobile funds transfer. (Pagani 2004) By March 31, 2009 M-pesa agents across the country had reached the 8,650 mark across the country. This had gone a long way in bringing the service closer to the people. (Annual report, 2008/2009) A hypothesis of easy accessibility results to high usage was created for this research. Of paramount importance to note is that transferring funds through the use of mobile phones is cheaper than using banks methods. (Omwansa, 2009) Because of this many people are attracted to this service since it is faster and cheaper too. Convenience is another aspect that customers look upon to when they are choosing a new technology.
According to Njenga there are balances in the accounts of M-pesa showing that it is convenient. If one loses his or her handset, this does not mean that he will lose the money in the account. This is because to do a transaction one is required to enter a personal identification number (PIN) which happens to be known by the subscriber only. Because of this the money of the subscriber is always secure even if his or her phone is with other people. (Njenga 2009) People have the opportunity of walking around carrying virtual money for they know that they can access it at any time. (Omwansa 2009) The security of this transaction ensures that one does not disclose personal information in order to do a transaction. This is because security and safety of mobile funds transfer is of paramount importance to any user of this service. (Doll, Hendrickson & Deng 1998)
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