5 changes and features to take mobile money to the next level

Mobile money has been hailed as a potential tool that will push the developing world closer to developed world and help bridge the gap between rich and poor. But for mobile money to grow beyond the glorified money transfer system it is now  a lot has to happen.
I've already written about the one thing that would grow mobile money more than any other. Here are 5 other things that could take Mobile money to the next level.

1. Phone numbers have to go

First of all phone numbers will have to go. Today, your key identifier on mobile money platforms is also your phone number. This means that people doing mobile money transactions are leaving their phone numbers everywhere. This is not ideal. While it is useful that a seller confirm that it is you who sent the money, you might not want to leave your phone number with every one you carry out transactions with.
One solution is that instead of your phone number being used for  your mobile money identity, or perhaps including it, mobile money should adopt the numbering format used by banks for credit and debit cards, this will make future interoperability that much easier. Separating the phone number from your mobile money account ID will also enable another feature ...

2. Multi-User accounts and multiple account users

Divorcing the phone number from the account identity will also allow for people to control multiple accounts from the same device or multiple users to have access to a single account, possibly with different access rights and limitations per user.
This will likely be of particular use to the corporate world and organizations where access rights are often shared among multiple individuals. Just like joint bank accounts joint mobile money accounts would also be possible.

3. Integrated digital invoicing and receipt system

Mobile Money already runs on top of a communication network and the main interface is a device capable of computation (mobile phone). Mobile Money providers need to embrace that. A lot of transactions people make involve invoicing and receipts. This would increase the appeal to businesses and people who would like more accountability. Digital records of transactions such as receipts and invoices could also help people trust digital financial services a lot more. Businesses may in fact like it if the could have accounts with the option to only accept transactions involving both an invoice and receipt.

4. Escrow features

Credit and Debit cards already have escrow features. This is where money on your account is held/frozen pending the fulfillment of some condition, after which it is transferred to the vendor  or returned to you if the condition is not fulfilled. This would enable services like preorders for products  and more complex transactions. It would also help to build trust in the system when it comes to transactions. And when it comes to people and their money, trust is everything.

5. Application Programming Interface (API)

An Application Programming Interface (API) allows third parties to easily build applications that can easily utilise the mobile money platform. An API could for example allow integration of your mobile money account with your Paypal account. or allow you to track donations to your charity that are made through a website via mobile money. With a good API the only limitation is the imagination of the developers.