Very interesting article over at Quartz. Here’s an excerpt:
Mobile money has an estimated potential worldwide revenue of $1 trillion within the next three years, and has become the “it” technology of the moment. The ability to send and receive money through cell phones simplifies the transaction process and offers customers both mobility and flexibility in managing their money.
Mobiles also have been hailed as a key tool to combat global poverty. Recent data from the World Bank indicates that of the 6 billion mobile phone subscribers worldwide, 5 billion are in the developing world. Because mobile phones have become ubiquitous in even some of the most remote regions of the world, they are now being used to improve public health, provide education, and spur micro-enterprises in developing countries. In many cases, mobile money can offer people who would otherwise be excluded from access to banking services a safe place to store their funds and a secure way to transact with others.
Mobile phones not only bring people the ability to communicate with each other, but allow anyone to tap into vast amounts of information. Now, banking is being added. Mobile phones are a great leveler.
