Economic Development
Smartphones and Mobile Payments
The penetration of smartphones in the US has caused jockeying for position in the new mobile payments space—can this happen in developing countries too?
The penetration of smartphones in the US has caused jockeying for position in the new mobile payments space—can this happen in developing countries too?
In this audio interview, Sheela Sethuraman speaks with one of branchless banking's greatest proponents and the co-founder of Eko India Financial Services, Abhishek Sinha.
Two issues are dogging existing mobile money systems: excessive system downtime and lack of interconnection.
Donors who use cell phones to make donations do more than give, they talk about it.
Research suggests that mobile distribution had some tangible benefits for recipients of aid, but they also carried costs that could exceed those of traditional physical and voucher-based transfers.
Imagine if everyone who had a cell phone could also have access to financial services, and could save and send money safely, regardless of location.
New mobile-based payment systems may offer a more affordable, and faster alternative to distributing cash to countries such as Haiti.
Will mobile telephones become the new super highway to connect the poor to the financial grid?