Conceptualizing mobile banking and payment systems: Adoption trends and security considerations in Africa and the U.S
1 Financial analyst, Texas USA.
2 Zenith General Insurance Company, Limited, Nigeria.
3 Independent Researcher, London, ON, Canada.
4 Independent Researcher, Australia.
Review
International Journal of Science and Technology Research Archive, 2024, 07(01), 001–009.
Article DOI: 10.53771/ijstra.2024.7.1.0052
Publication history:
Received on 18 June 2024; revised on 30 July 2024; accepted on 02 August 2024
Abstract:
This paper explores the dynamic landscape of mobile banking and payment systems, focusing on the comparative analysis of adoption trends and security considerations in Africa and the U.S. A detailed review of literature and theoretical frameworks highlights the distinct pathways through which mobile financial services have evolved within these regions. The analysis reveals that while Africa's mobile banking growth is largely driven by financial inclusion efforts targeting the unbanked population, the U.S. market expands through technological innovations catering to a tech-savvy consumer base. Security challenges, ranging from fraud to cyberattacks, are examined, with region-specific vulnerabilities and countermeasures discussed. Recommendations for enhancing system security and adoption are provided, underscoring the role of regulatory frameworks, technological advancements, and consumer education. The paper concludes with suggestions for future research directions, emphasizing the need for ongoing innovation and policy development in the mobile banking ecosystem.
Keywords:
Mobile Banking; Payment Systems; Financial Inclusion; Cybersecurity
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0