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The Many Economic Benefits Of Mobile Money Transfer Services

The availability of mobile money, mobile wallet, and mobile money transfer services have far more positive effects than just convenience for the user. Of course, convenience is a very important factor here. But it is far from the only factor that makes money on mobile services an advantage.

Rather, mobile money transfer services have many far-reaching benefits for the economy as a whole:

Mobile Money is Available to Everyone

Unlike banks and general financial institutions, mobile wallet services do not require the customer to fulfil a host of eligibility criteria. Rather, mobile wallet services are accessible to practically any kind of person regardless of their financial situation. The fact that there are usually no minimum balance requirements for mobile wallets helps as well.

Money on Mobile Makes Commercial Transactions Easier

It is practically impossible nowadays that anyone goes without a smartphone. And hence, a mobile wallet means that a person can carry a wallet with them any time they carry their phone. So even if someone forgets their actual (cash) wallet at home, they can still make payments and buy what they want with their mobile wallet. This convenience also makes it more common for people to buy and sell, which invariably helps boost the economy as well.

Mobile Wallet Services are Versatile

Mobile wallets generally act as both an e-wallet and money transfer service. That is, not only can one make payments with their mobile wallets, but they can also transfer money to other mobile wallets and merchants. Plus, even in places where banking systems are disorganized, or getting an account in a traditional financial institution is not always possible, a mobile wallet works in its place. Rather, because it is available to everyone, no matter where a person is, they will still be able to avail the international mobile money transfer service that is available in their mobile wallet.

Mobile Wallets Mean Fewer Cash Transactions

Cash is a lot harder to track in the economy, and that can hurt the general economy via black money and unmarked notes. However, transactions via mobile money are very easy to track, and more such transactions are healthier for the economy.

Mobile Wallets are Secure

Mobile phones can be given a password of the owner's choice. Some even have fingerprint and facial recognition features, which makes the phone that much more secure. Hence, even if someone loses their phone (or it is stolen), no one will be able to access the cash in their mobile wallet, and they can easily transfer the remaining money to a secure account. Plus, even if a phone is not password-protected, any transaction on most mobile wallet services will require a pin and/or password that only the account holder will know. And the account holder in question can freeze that mobile money account whenever necessary as well.

On the other hand, if one loses their wallet full of cash, or has it stolen from them, they would have no way of recovering that money. Hence, mobile money is a convenient service for both the user as well as the economy.

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Four Of The Top Reasons You Might Need To Use International Money Transfer Services

Money is required in every kind of commercial transaction. And with the world getting smaller and smaller in terms of commercial and connective borders, it is no longer rare for a person to need to send money abroad. In fact, here are the top four reasons people usually use money transfer services to send money abroad:

To Buy, Sell, or Rent Property Abroad

It is highly common for people to live abroad for work while their family might still reside in their home country. Just as it is not uncommon to have entire families living at certain times of the year – or even permanently – in countries they do not have citizenship in. Hence, the situation also arises that a person might need to send money internationally in order to buy or sell property there or even to pay rent when they are not in the vicinity to do so. And this can be easily accomplished via international money transfer services.

To Send Money to Family Living or Travelling Abroad

The travel bug has bitten quite a lot of people nowadays, so international and national travellers are pretty common today. Plus, a lot of colleges and universities even arrange for international trips and internships for their students. And then there is also the situation of having a family member settle abroad for the purpose of a job or a higher education.

In all of such instances, there will be times when the person in question will (or might) need money from their family while travelling or living abroad. And such situations are one of the top reasons that people usually employ international money transfer services to send money to their families.

A person working abroad will often send money back home to support his or her family using such fund transfer services.

To Pay International Suppliers

Businesses especially use money transfer services when they have to pay any international suppliers. It certainly helps that such money transfer services allow fund transfers with the least amount of work and optimum currency exchange rates. In fact, international money transfer services have aided a lot of businesses in being able to expand their resources abroad.

To Pay for International Weddings

It is a hot trend nowadays to have weddings outside one's home country – most likely for the exoticness of the location. And since a wedding is an incredibly important ceremony in any culture, sending money abroad for the wedding is a foregone conclusion.

Hence, today, money transfer services for international fund transfers have actually become a common necessity rather than a luxury. And since such services usually offer more competitive prices than banks, using a money transfer services provider to send money abroad is just more practical.

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Mobile Wallets - Revolutionising Money Transfer

Mobile Money has gained immense popularity in countries where financial services are inadequate and often limited to larger cities and trading centres. The Mobile Money transfer service opens doors to those in need of transferring money for business and personal use, outside the geographical realm of such financial institutions.

What is a Mobile Wallet?

As the name suggests, the term “mobile wallet”, contains digital data, like a physical wallet, such as a collection of the holder’s loyalty cards, coupons, business cards, tickets, credit cards and more.

Mobile Money (also referred to as mobile payment, Mobile Money transfer, and mobile wallet) is referred to as a payment service operated under financial regulation, which is performed using (to and from) a mobile device. Mobile Money services are being largely used for carrying and transferring money on mobiles without the need for an individual’s bank account and geographic location.

Financial Inclusion through Mobile Money?

The immense popularity gained by mobile wallets in developing and under-developed countries is mainly owing to the flexibility and freedom offered by the new means of remittance. Employees opt to receive their wages on mobile wallets due to the reduced need to visit financial institutions such as banks.

An estimated 2 billion people around the world are unbanked, without access to bank accounts to store, withdraw and transfer money. These individuals are forced to rely on cash or informal options which are usually unsafe, tiresome and expensive. Mobile Money service is an electronic payment service that reduces the risks faced by unbanked individuals, by providing a safe and simple way of storing, transferring and receiving money.

The Mobile Money transfer service allows users to spend the received money on mobile wallets, for making online and in-store purchase, remittance of money at minimal charges and payment of bills with ease. The availability and affordability of smartphones have also contributed to the increasing reliance on mobile wallets.

Is a Mobile Wallet safe?

Just like a bank account, funds stored in a Mobile Money account are protected by many financial regulations.  Mobile Money providers ensure they have protocols to check the identity of their users, through personalised pins, making it much harder for fraudsters and criminals to use these services illegally.  

Mobile Money services also have stored a record of every transaction and the user's account balance, thus in case of a stolen or lost phone, the user’s data and money is safe. Additionally, every Mobile Money transfer and transaction requires identification in the form of a secret PIN, ensuring safety. However, one should not share the PIN of their mobile phones or wallets with strangers or associates. Changing the PIN regularly is also recommended.

The added advantage of the Mobile wallets is that mobile phones on which the service is obtained are rarely forgotten. The availability of inexpensive smartphones, widely obtainable network connectivity and more and more service providers offering mobile wallets has transformed the face of remitting and spending money.

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Evaluating International Money Transfer – Process and Costs Involved

People transfer money across the globe for a variety of reasons. Some send money for business needs, such as, to make or receive payments for goods or services, pay salaries or more. Others send money home for family needs, emergencies, pay school fees or many other reasons.

Unlike traditional means of transfer, which has many risks involved in physically carrying cash, such as robberies or misuse by relatives or friends carrying the money. International money transfer involves institutional systems such as banks or money transfer companies to aid the sender with secure services for remittance. Thus, money transfer services, offered by reputable money transfer agencies or financial institutions can be used to transfer funds to accounts or mobile wallets, or direct collection or delivery of money to the beneficiary which has been settled at the sender’s end.

Using International money transfer services,

When transferring money through money transfer agencies there are numerous ways to receive the payment. One can opt for direct cash collection and delivery apart from the usual transfer of money into bank accounts and mobile wallets. The sender also has various means of paying for the international money transfer service. One can pay by cash, card, cheque or bank transfer, however, card payments may incur additional charges.

The process of International money transfer:

All the sender has to do is either visit a money transfer agency centre, login to the website or use the mobile app for initiating a money transfer. One may register for easing the transfer process for the future, by adding the details of the sender and receiver, along with other mandatory particulars.

One can easily select the payment mode, and settle the payment which involves the transfer amount, transfer fee and the exchange rate applicable.

Upon completion of the transfer, a tracking code is provided to the sender to track the status of the transfer from the online portal. The receiver is provided with a pin code which is required when collecting money from collection centres.

Few of the costs involved in transferring money abroad,

Money transfer charges:

Service fees for international money transfer may vary depending upon the amount of money being sent and the service used. Generally, sending smaller denominations is relatively more expensive than sending larger amounts. In some cases, the transfer fee is applicable to both the sender and receiver.

Currency Rate:

When opting for transfer of money abroad, one usually requires transferring in the local currency of the beneficiary. Thus, the currency is converted based on the exchange rate offered by the money transfer service provider in question.

Other additional charges such as premiums on payment through credit cards may be applicable depending on the chosen money transfer agency.

One must always investigate the charges involved and choose the money transfer agency giving the best deal to get the most out of the international money transfer.  

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The Benefits of Availing Online Money Transfer Over Bank Transfer

With the world getting smaller and smaller owing to the world wide web and smart devices. Sending money online to friends or family internationally or domestically has become easy and quick. Online money transfer is a highly beneficial service that helps, remitters transfer money from the comfort of home, to beneficiaries across the globe, at any time.

Benefits of Online Money Transfer Over Bank Transfer

Lower Cost - In truth, there is nothing wrong with using one's own online banking facilities to transfer money online. After all, banks today have online banking facilities and banking apps. However, the main reason for choosing online money transfer over bank transfer is that it is less expensive to transfer money – especially in case of international money transfer – via online money transfer services than opting for a bank transfer.

Better Currency Exchange Rate - Not only do banks charge higher transfer fee they also offer poor currency exchange rates (applicable in international money transfer).  Thus, the charges for the transfer are usually low in online money transfer making it a preferred choice for frequent remitters.

Convenient Services - Moreover, dedicated providers of online money transfer services often offer features, such as, discounted transfer rates, spot currency exchange rates and tracking services to track the where-about of the fund transfer until it is availed by the beneficiary. One also has access to customer service support that is available 24X7 to ensure round the clock support.

Thus, while money transfer is perfectly feasible both through a bank as well as money transfer services, it is often just more convenient and cheaper to use an online money transfer service provider.

How to Avail Online Money Transfer Service?

Basically, a money transfer service provider helps one to send money online using a website, where,

1) Senders need to sign up for an account with the money transfer services provider or send money as a guest. An account is usually a great option for frequent remitters, as one can save beneficiaries for quick remittance.  

2) All one need to do is choose to transfer money, enter the required fund transfer details, such as beneficiary account details(in case of transferring to a bank account), amount, and beneficiary mobile number, and full name.

3) At this time one can choose the mode of redemption as per the beneficiaries preference. Some reputable money transfer agencies offer beneficiaries to collect cash from collection centres, avail payment in a bank account, on a prepaid card, mobile wallets or also opt for doorstep delivery of funds.  

4) Confirm the details of the money transfer and confirm the payment.

5) After the transfer, the sender receives a tracking number that can be used to track the payment progress.

6) Beneficiaries opting to collect cash will require a 16 digit secure pin code shared at the time of transfer to avail the funds transferred.

Depending on the money transfer services provider, and depending on whether the user is transferring money nationally or internationally and the local regulations of the country of remittance, the money transfer process can take anywhere from a few minutes, hours to few days.

The remittance, when using an online money transfer provider, is not restricted by the timing or location of banks or high street agent. One can avail real-time exchange rates, and even set alerts to avail the best rates when opting for an international money transfer, making an online money transfer using a reputable service provider a preferred choice for many.

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Why is Mobile Money Transfer a Smart Choice?

The Internet might have begun the digital revolution, but the smartphone was what made the internet popular. Thus, creating a closely connected network of smart devices. With mobile device taking over our everyday needs from emails, learning to mobile banking. Mobile money transfer has also become a highly popular service. The introduction of mobile wallets has also revolutionized remittance, making it easy and convenient. Here is a look at mobile money transfer and its benefits,

What is a Mobile Money Transfer Service?

Mobile money transfer is a process of transferring money – both nationally and internationally – via a mobile phone connected to the internet. All the user needs is an account with a mobile money transfer service provider, and the relevant app installed on their mobile phones after signing into their registered account, one can add multiple beneficiaries and transfer money by the click of a button.

Availing Mobile Money Transfer Service

Mobile money transfer service can be used to send money to a recipient anywhere across the globe very conveniently. Moreover, mobile money transfer is performed via a mobile app, thus making it easy to transfer money on the go.

One can use mobile money transfer to send money to a recipient's bank account(s), mobile wallet, prepaid card, or even in cash (offered by some reputable money transfer agencies).

Mobile Wallets

Mobile wallets are digital wallets installed on a mobile phone with a viable internet connection. These wallets like an actual wallet have details of the registered user's credit/debit card or have an amount of money loaded on it through the provider's website. This wallet thus allows users to transfer money to a recipient or receive money on their mobiles. This money on mobile wallets can be withdrawn through ATMs or used directly for online shopping, payment of utilities or also to shop in retail stores who permit the same.

In short, a mobile wallet carries can be used to make payments and also receive money.

Benefits Of Mobile Money Over Banks transfer,

1. Transferring money to mobile wallets can be done by simply entering the recipient's mobile phone number and amount. This makes sending money to a recipient across the world, with knowing their bank account number or location. Thus, enabling people to send money to loved ones no matter where they are in their time of need.

2. The convenience of mobile money and mobile wallets has made them highly popular for remittance. Many people living in rural parts of the world use mobile wallets to receive their wages and spend the same without having to visit the bank/ATM and withdraw for every expense.

3. Mobile wallets can be easily installed and registered into for free. Moreover, the transfer fee in mobile money transfer is far lesser than traditional money transfer making them affordable.

4. Unlike opening bank account that requires minimum balance requirements and heaps of documentation; mobile wallets are hassle-free.

5. Mobile money transferred from one wallet onto another is credit almost instantly, making money accessible in one’s time of need.

Hence, mobile money transfer and mobile wallets money transfer convenient and hassle-free, allowing senders to send money anytime, anywhere from the palm of their hands.

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To enhance the life of the farmers and to improvise the farming operations, Mahindra Tractor’s Arjun Novo was introduced. With 50 plus horse power and 30 gears, it is one of the most hi-tech tractors. 

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Check Mahindra Arjun 605 di specification and price!

With technology comes power and in all the major industries, the utilization of technology has ensured the overall development. Similarly, the agricultural industry has been growing because of technologically advanced tractors and implements. 

The Arjun Tractor 605 di is one such hi-tech tractor that has changed the lives of farmers and farming industry for better. 

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Make agricultural operations easy and efficient with new Arjun Novo

Growing crops require proper caring and more than that patience. However, it is a labour intensive work, if done manually. Thus, Mahindra tractors’ Arjun Novo offers a wide range of high-tech 50 HP+ tractors, which help to ease the burden of a farmer and improve the agricultural productivity.

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Agricultural Equipments –Making Modernized Farming Possible

Farmers have adopted modern means of farming to make their work easier and efficient. Farm equipments that can help automate numerous strenuous and time-consuming farming activities are readily available in the market.  Here are agri equipments that modern farmers use in based on each phase of farming,

1. All purpose - Farm Tractors

What would modern day farmers do without the all-purpose farmer tractors? Tractors not only provide a mode to travel across the farm and to and from market places, they are valuable farm equipments that can help haul heavy loads of supplies. Moreover, special tractor attachments for each phase of farming and help ease many farming activities.

2. Land preparation tools

Back in the old days, if farmers needed to level their fields, cut through hard rock or ground, they had to do so using hand tools. Sometimes this forced farmers to hire numerous unskilled labours to accomplish menial tasks, which was a challenging and expensive process. Thus, new age farmers with access to laser land levellers, cultivators, harrows, ploughs and gyrovators that mechanised farm land preparation activities and save time and effort.

For example, a cultivator is a secondary digging equipment which can be mounted on existing tractor to help till the agriculture land. The cultivator can be availed in different sizes for a different size of tractors. This farm equipment stirs and mashes the soil to the right consistency before planting seeds.

3. Sowing Equipment

The process of sowing seeds in the ground is an intricate process that takes time and effort. The right depth, right distance and right tools are vital to ensure no damage is caused to the ground and seeds. For instance, a Seed Cum Fertilizer Drill offers countless benefits to a farm.  

The two in one appliance can help farmers dig up the land and add the different variety of seeds into the ground. The seed drill helps sow seeds at the right distance and correct depth, which helps avoid wastage. The drill can also be used to add fertilizer to the ground without doing damage to the crops.

4. Crop care Equipment

Farm equipment that helps ensure crops are protected such as sprayers and irrigators are vital for farms and crop care.

5. Harvester Equipment

Many different types of harvesting equipment can be purchased that allow the farmers to reap the full-grown crops in the best possible way without damaging the produce and incur minimal spoilage. One can find tractor mountable implements that can help harvest different kinds of crops. Cane thumper, sickle swords, and many more crop specific harvesters are available.

6. Post Harvesting Equipment

Numerous agriculture equipments are available to make storing and sorting of grains easier. Such as the hay baling machines, which help farmers store hay in less space while keeping the hay stacks of uniform in size and easy to stack, transport, use and sell.  

Farmers across the nation have begun using these new innovative farming equipment to ensure higher yield, reduce spoilage and produce good quality food.

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Advanced technology tractors have made agricultural operations much easier for the farmers. Mahindra Arjun Di 605 is one of such tractor. Locate the store nearby and find out the Arjun tractor price.

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Harvesting is the process of collecting ripe crops and it can be a labour intensive task if done manually. Thus, using harvester machine for wheat or rice harvest is a good way to save money and lessen the burden. 

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Modern farming implements and tractor attachments; enhance crops productivity!

Farming is both science & commerce. Innovative farming methods and modern machinery and tractors, when used together, can enhance farming business. Thus, using agriculture implements and tractor parts & attachments can indeed increase productivity. And luckily enough, several companies manufacture farm equipment to help farmers to get more than they ever thought of. 

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Check out Mahindra dealers and the prices!

Tractor has become a major booster in the agriculture industry. And luckily because of digitalization, you can easily locate the dealer store online and check out the Mahindra Arjun 605 price.  

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Land leveler to level up productivity.

Land leveling is the most important step in farming for growing healthy crops. Thus, it becomes important for farmers to use good land leveler for better productivity. Also, if the farm is properly leveled, it helps in water conservation as well.

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Shout to all the tractor lovers!

Shout to all the tractor lovers! Have a look at amazing pictures of tractors.

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Bring efficiency to farming with modern agriculture equipment and farming implements.

Farming can be much simpler if farmers adopt modern farming techniques and agricultural equipment. Tractors and other farming implements available in the market can help in increasing productivity.