MMT(MOBILE MONEY TRANSFER)

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What is Mobile money transfer


Transfer of money to a receiver in which the funds are deposited into a mobile or “virtual” wallet

Practical implementation by WebShaper

It will show you how a customer buy and pay using Mobile Money from an e-commerce website powered by web Shaper e-commerce software

The steps followed are as follows:


Step 1


Customer choose to pay via Mobile Money for the goods and services from participating merchants.

Customer gives merchant his/her mobile number via phone, fax, email etc.


Step 2


Merchant can bill the customer via SMS.

When merchant requests for payment with customer's mobile number, Mobile Money sends an SMS with a Bill Reference Number to customer requesting customer to reply with their 6-Digit Security PIN to approve the payment.


Step 3

Customer authorizes payment by replying the SMS with the Bill Reference Number and customer's 6-digit SECURITY PIN.

Mobile Money authenticates customer's SECURITY PIN and requests for bank approval on transaction.


Conclusion

Mobile Money Transfer is the simple way of transferring the money and resolve the banking problem of unbanked people.