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Edward Mulyalya
Jan 22

Literature review of the investigation of influence of mobile phone transaction in savings culture?

Literature review
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Jan 22
Title: Literature Review: Investigating the Influence of Mobile Phone Transactions on Savings Culture

The advent of mobile phone technology has revolutionized various aspects of human life, including financial transactions. Mobile phone transactions have become increasingly popular, providing individuals with convenient and accessible means to conduct financial activities. This literature review aims to explore the influence of mobile phone transactions on savings culture, examining the existing research and identifying key findings and gaps in knowledge.

1. Mobile Phone Transactions and Financial Inclusion:
Mobile phone transactions have played a crucial role in promoting financial inclusion, particularly in developing countries. Studies have shown that mobile banking services have enabled individuals to save money, access credit, and engage in other financial activities that were previously inaccessible. This increased financial inclusion has the potential to positively impact savings culture.

2. Convenience and Accessibility:
The convenience and accessibility of mobile phone transactions have been identified as key factors influencing savings behavior. Research suggests that the ease of conducting transactions through mobile phones encourages individuals to save more frequently and consistently. The ability to access savings accounts and make transactions anytime and anywhere has been found to enhance savings culture.

3. Behavioral Economics and Mobile Phone Transactions:
Behavioral economics provides insights into the psychological factors that influence savings behavior. Studies have explored how mobile phone transactions can leverage behavioral economics principles to encourage savings. For example, the use of text message reminders and notifications has been found to positively impact savings behavior.

4. Mobile Phone Transactions and Financial Literacy:
Financial literacy plays a crucial role in shaping savings behavior. Research has examined the relationship between mobile phone transactions and financial literacy, suggesting that mobile banking services can enhance financial knowledge and awareness. This, in turn, can positively influence savings culture by promoting informed financial decision-making.

5. Challenges and Limitations:
While mobile phone transactions have the potential to influence savings culture positively, several challenges and limitations exist. These include concerns regarding security and privacy, limited access to mobile banking services in rural areas, and the potential for increased impulsive spending due to the ease of transactions.

The literature review highlights the growing body of research investigating the influence of mobile phone transactions on savings culture. The convenience, accessibility, and potential for financial inclusion offered by mobile banking services have been found to positively impact savings behavior. However, further research is needed to address the challenges and limitations associated with mobile phone transactions and to develop strategies that promote responsible and sustainable savings culture in the digital era.

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