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Transfer Funds via Mobile Phones Advantages and Disadvantages

With the advent of smart phones and mobile phones ruling the world, there is just nothing that is not possible with the phone. Technology has improved so much that the users are able to do mobile money transfer right from the comfort of their homes. While this is an easy to use application, it is always good to know the good and bad things of the means of cell phone banking before starting to use the same, as this will ensure effective use of the feature. Another reason why it is advisable to know the complete details is because this is related to one’s finances and any slip might cause heavy damage.

The advantages are many – including the ease of transferring the funds right from home or any other place that the sender chooses to transfer from. As long as one has the account details of the recipient, he can do the online transfer and if done during banking hours this takes effect immediately. Since this is a direct credit into the receiver’s account, this is very helpful when the two parties are at different locations and need the cash to be credited to the account immediately. This helps both the parties at times of emergency situations and is an excellent feature which was quite impossible before the advent of new technology.

Having said the good things, it is important for customers who perform cell phone banking operations to also realize the risks associated with the process as well. First and foremost, in case the page expires out or the buttons are pressed accidentally, then there is a chance of either the transaction itself being cancelled or double debits happening. The other bigger risk is that in case of the credit card or debit card getting automatically stored on the phones and then there is a possibility of recurring swipes or misuse of the cards when the phone is lost. Therefore, it is better to not save these details or disable store password options while using the mobile money transfer options. If these options are exercised, then the option of transferring funds using mobile phones is a very advantageous one as it saves loads of travel and there is also no need to carry cash in hand. It can be even termed as technology at its best and it is just about prudentially using it to our advantage and our own betterment.

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