Mobile operators and industry experts see the mobile payment, also called Mobile Banking, MBanking, M-payment or SMS
Banking, as the future of a cashless society.
The mobile payment works by storing a consumer’s credit or debit card within the SIM card and employing the near-field communication (NFC) technology1 or sending money by text message. Clients can convert cash into electronic money (and vice
versa) through any retail outlets and then use their mobile phone to instantaneously send and receive money wherever they have cell coverage.