Mobile money is a great way for people to transfer cash, particularly in 2020. However, there are still limits to mobile money that you should know about, and here they are.
Some People Do Not Have Phones
A main issue that people have with mobile money is simply that not everyone owns a smartphone. For instance, people in secluded locations that do not have electricity may not have a smartphone. Therefore, you may not be able to transfer money to that person using payment methods like PayPal or paypublishing.co.uk. Other people may simply not want to own a smartphone, so you would have to use an alternative method to transfer the cash.
We should also remember that not everyone will own the latest mobile phone model. Certain apps are only compatible with newer phone models, or the application will not work. Therefore, people with old smartphones sometimes cannot use your chosen mobile money app.
Is It Secure?
While most mobile money apps are fairly safe, that does not mean all of them are. Certain companies will have better security than the other ones. Certain popular mobile money apps may have errors or breaches in their security, so it is not always perfect.
Additionally, you still have to be careful whenever you use mobile money transfers, even if your chosen application is relatively safe. For example, you ought to use your personal smartphone whenever you transfer cash. If you use a shared device, another person may be able to get your details to log in. it would be best if you only use your personal smartphone to send digital money transfers.
Additionally, it is crucial that you have a private internet connection whenever you send digital money transfers, such as your home WiFi. WiFi connections in public connections are perfect for hackers to sneak into your device and hack your account to get your personal info, like your log-in details. Therefore, you should never use public WiFI connections to make transfers.
Scam artists use mobile money apps to their advantage. They send fake but convincing emails and texts, and they may even call you. They do this to try to fool unsuspecting people to give them their personal information like their bank details. They may even make you click fishy links to have easy access to your device or install malware.
But how can you prevent scammers from scamming you? Check the email address or number of whoever is trying to contact you. Ignore the person completely if it is not a listed contact of the digital money transfer service. Do not click random links without thinking twice; many links will install malware or fool you into typing in your password. Scammers will claim that these links will show them a “new” website, show how your account was compromised, etc.
Using digital money transfers is one of the most accessible and convenient way for most people to make transfers. However, it is far from perfect as there are still limits to its greatness as stated above.