With the introduction of mobile money, the money transfer industry will transform the way it operates.

With an upsurge in overseas employment, the need for secure and efficient money transfer has grown in the recent past. The existing money transfer system, suffers from limitations and bottlenecks created by cash, cheques and credit cards. Besides, when it comes to online business transactions, selecting a payment gateway is one of the major obstacles faced by the merchants as the payment mode options are very limited and less cost-effective. However, it's no longer the case. Mobile money has the answer for all these problems, since it allows merchants to take online orders without the need for online shoppers to disclose their credit card information, which turns risky at times.

The ever-changing mobile technological advancement has created this effective money transfer solution through mobile phones. It is a PIN-based mobile payment solution designed by Mobile Money International to address the existing limitations and bottlenecks in the money transfer system. Mobile Money International explains the power of mobile money: "It unlocks the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service)." The arrival of new money transfer system offers freedom to shoppers to buy products online and pay the merchant using their mobile phone without being physically present at the store.

The Analyst Magazine, Mobile Money, Online Business Transactions, Money Transfer Industry, Mobile Technological Advancements, Short Messaging Service, SMS, Mobile Money International, Money Transfer System, International Authorization, European Markets, Gross Domestic Product, GDP, Financial Services, Commercial Banks, Financial Risk.