People can use mobile money to pay for products in two ways. Directly, by sending value to goods and service providers; and indirectly, by receiving remittances from friends and family members that can be used to pay for things. When the sources and uses of monies are timed to coincide, mobile money works best since the transaction is instantaneous. When there is a time gap between when money is available and when it must be given out, however, mobile money has proven to be less useful.
The separation in time can occur for two reasons: I if the payment must be made on a specific future date (e.g. rent, school fees, electricity bill, seeds for planting), or (ii) if the payment is large in comparison to income flows, necessitating the accumulation of funds prior to the expenditure commitment (e.g. buying a motorcycle or new farming implement). These expenses are referred to as spending goals, and people will utilise a variety of methods to accomplish them.
The objective of a mobile money system's store-of-value account is to bridge that gap, yet it appears that most users don't leave much value in there. This is likely due to the fact that mobile money is rarely advertised as a savings vehicle due to regulatory requirements. But it's also possible that individuals find mobile money to be too liquid, too easily accessible: like cash in the pocket, it's advisable to get rid of it in favour of something value (a chicken or a pig), lest it be spent for something unnecessary.
Because these spending targets are for future expenses, a system of deferred payments could be used to allocate current revenue to these future goals (see this detailed paper, Savings as Forward Payments: Innovations on Mobile Money Platforms, written by Colin Mayer and myself). Instead of the standard P2P payments, think of these as Me2Me payments (over time) (across people, in real time). It only requires one more optional parameter in the usual money transfer menu to generate them: the transaction's effective date. (If no date is supplied, immediate execution may be the default.)
So, if I had a good day and earned $5 today, I'll cash it in, send $2 to myself for February 28 because school fees are due, and another $2 to myself for June 30 because I want to buy a bicycle; the remaining $1 will go into my liquid mobile money account for everyday expenses. Or, if I'm a farmer, I'll cash in the worth of my crop at harvest time, but I'll be able to transmit large chunks of it to myself at the times when I need to pay for the next season's land rent, as well as soil preparation and seeding. The farmer may even use the residual value to make monthly payments to himself, simulating a salary until the next harvest.
Payments to future dates made through Me2Me are functionally comparable to commitment savings sub-accounts, each of which is linked to a specific date. There is no need to pre-define or open several accounts using this scheme. Each date, and thus each sub-account, would be associated with a purpose in the customer's mind. Mobile money providers can use this approach to construct an easy-to-use commitment savings platform that maps out how people think about their needs and money.
The majority of people save in order to purchase something. Savings practises become more tangible and relevant for people when a payments logic is used. It's putting money aside for a certain reason and then pushing it ahead until you've accumulated enough. It emphasises the advantages (spending goals) rather than the disadvantages (sacrifices) (savings).
Mobile money providers can provide value by allowing Me2Me payments. But, more crucially, it can help mitigate the harsh network effects that are inherent in the early stages of P2P network development. Mobile money, such as Me2Me, can be very useful even when there are few other individuals on the network because it allows users to handle their own money.
Conclusion
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Quality and compliance are the building blocks of safety and efficacy of drugs and devices. They are the pathways for life science organizations to provide a meticulous framework to their businesses. According to a recent survey, over the years, the Regulatory scrutiny has increased across various aspects of the business including clinical operations, data privacy, and sales and marketing. These keen observations are driving organizations to explore the hidden opportunities and potential of innovative compliance. However, the shift in the global compliance requirements is pushing companies to continuously adopt the evolving standards.
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