Mozido - Mobilizing A Better Future | NewsWatch Review
Published on April 23, 2015
Did you know that more than one third of the global population is unbanked? This means they do not have a bank account or access to a physical bank location. Another surprising fact is that almost everyone in the world owns a cell phone. In fact there are more cell phones than there are people. In countries where banking options are limited, it can be incredibly difficult, if not impossible, to transfer or withdraw money. When you take a look at both of these statistics, a clever solution unfolds. The resourceful folks of Mozido have developed a mobile banking solution that does not require the user to have an account with an online or brick and mortar bank. They are making it easier for people to make purchases at merchants or e-commerce sites. On top of that they provide the ability to pay bills, top off mobile minutes, and send money to family members by mobilizing financial services.
So how does it work? All you have to do is download a Mozido powered mobile app then go to a local merchant that works with Mozido. Hand them your cash, enter your phone number and pin, and the money is deposited to your mobile wallet. You can then use your mobile wallet instantly to make purchases, pay bills, top off mobile minutes, or send money to family and friends. It is essentially a mobile bank account that doesn't require a brick and mortar bank tied to it. Mozido is currently working to bring these kinds of solutions to China, India, Africa, Indonesia, Sri Lanka, Jamaica and Latin America. Practically any places in the world you would need it. Their goal is to one day make mobile payment as universal as credit cards.
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Our AppWatch segment airs on the Discovery Channel and ION Network. The app reviews are conducted by Joe Toohey and Andrew Tropeano.
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