How common are mobile money transfers by mobile and are they secure?


A number of different services around the world are offered from banks, mobile operators, and third parties that provide service a to transfer a balance from one customer’s mobile wallet, bank account, credit card to another mobile, wallet, bank account or agent (cash or ATM) via the mobile phone. Mobile money transfers are becoming very common. Analyst firm Gartner says that money transfer will be the number one consumer mobile application by 2012, while Juniper Research expects international mobile money transfers to top $65 billion by 2014. Many of these services promise security, but to keep your personal information safe, only use services that require a PIN, password, or one-time password to make transactions.

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