This type of application technology will be of great benefit to its end users since it simplifies payment and transfer processes worldwide. Customers will be able to do online transactions instantly from their bank accounts in whichever currency without having to provide credit or debit card details. The app takes care of all conversions thereby eliminating cash exchange related inconveniences.
The fact that the app is able to map to more ATM and bank locations and a list of their services makes it popular among its users. Users are able to access their accounts and track money through their mobile phones and also do simple transactions such as paying utility bills which would otherwise waste a lot of time in a bank. Furthermore, the app is able to estimate transaction costs before sending money.
The fact that the app incorporates state of the art technology renders it novel and revolutionary. The dual money holding mode both as a mobile wallet holding up to $500 for normal day to day transactions such as transportation and shopping, and direct trans actions straight from the bank account for bigger transactions, is one of a kind and appeals to customers.
The application can be installed on mobile phone hardware meaning it is portable. Portability renders a huge benefit to people on the move such as travellers and students, and also creates convenience for people who transfer money regularly.
24/7 availability, minimal transfer fees and seamless access to financial services identifies the app a customer centric product and a one-stop-shop which is quite convenient. It bears no restrictions other than the limit set by a bank and can conveniently be set up for any mobile plan to which a customer belongs. All they need is to set up a direct debit with their mobile subscriber. In general the app saves time and money which is the way of the future hence the app is deemed to be successful in the world in the long run.
References
Money. (n.d.). Mobile banking by cell phone, smart phone. Retrieved May 7, 2014, from http://www.consumerreports.org/cro/money/credit-loan/banking-by-cell-phone/overview/index.htm
The Full Value of Mobile in Financial Services – Think Insights – Google. (n.d.). The Full Value of Mobile in Financial Services – Think Insights – Google. Retrieved May 7, 2014, from http://www.thinkwithgoogle.com/articles/full-value-mobile-financial-services.html
