In comparison with mBanking, mCommerce can be defined as a service such as Mobile Money, Mobile Payment, Money Transfer, Mobile Money Transfer, Prepaid Airtime, Airtime Top Up, E-Voucher that enables subscribers to make and accept payments with cellphones, which is not necessary to be linked to any bank accounts. This advantage differs mCommerce from mBanking and takes it to the next level of multi-services experience.
Nowadays, there are only around 40% of the world’s adult populations that have the access to financial outlets whereas cellphones account for 70% of global population. This mismatch gets even more skewed in developing economies where banking penetration may go as low as 15-20%. Till date, cellphone has the potential to reach out to governments and financial service providers in the emerging markets as well as unbanked regions to create a brand new ecosystem.domain archive .