Mobile Money — or power of mobile phones to transform

Economist has a very interesting article (Thanks Neil for pointing this to me) about use of mobile phones to transact money. By allowing this, it gives the facility to have your checkbook or online banking facilities to people even in remote rural parts of the underdeveloped world.

Moile phones are seeing very innovative applications in developing countries where they never used personal computers. In fact, it is very interesting to see that mobile phones first allowed these placed to leap frog (or just skip one generation) in communication area by bypassing land lines. Now the same device is likely to allow developing world to join the computing revolution directly in this advanced phase.

Mobile phones are proving to be one of the most transformative device ever developed.

8 thoughts on “Mobile Money — or power of mobile phones to transform

  1. Jon

    I agree that expanding personal banking through mobile/cell phones is a great thing. Even moreso, i like the potential it has to expand the positive aspects of capitalism to more of the world.

    The only downside is network availability limiting these possibilities. I’m sure it’ll become less common as networks expand but I know there are still many mobile deadzones here in the USA. I can only imagine it’s even worse in less developed and/or more unstable countries.

    This is a great leap in the right direction though.

  2. Website design

    It’s certainly a very good thing to have happened.Mobile phones have certainly come a long way from the time it was first introduced in developing countries.People in the developing countries have benefited a lot from it.Nice post.

  3. Pink Mobiles UK

    There is absolutely no doubt that the mobile phone has become an incredibly powerful tool. From it’s humble beginnings as a basic communication device, it has emerged as method of communicating via messaging, email and now the internet. In countries where computers are not accessible to many, the mobile phone is no doubt a very beneficial tool.

  4. alex harrison

    I think it is absolutely guaranteed that the vast majority of web surfing will be done on mobile devices and if you take twitter as an example, I believe that 70% of all twitter use is on mobile devices. The figure for facebook is 50% and going forward, I think the use of mobile banking will only increase as mobile devices become more sophisticated.

    Great post and topical as well.

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