Payments 2.0
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Payments 2.0
Digital wallet, Mobile payments, Contactless payments, NFC payments, Mobile wallet, Mobile POS, Bill payments, Bitcoin, Virtual currency
Curated by Therese Torris
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Promoting Financial Inclusion: Is Mobile Money the Magic Bullet?

Promoting Financial Inclusion: Is Mobile Money the Magic Bullet? | Payments 2.0 | Scoop.it

[...] According to the GSMA, there are 130 mobile money programs in the world today spread over 75 countries. MasterCard estimates that there are approximately 50 million mobile money wallets associated with these programs. Further, only 8 programs out of the 130 have over 1 million active users, and of these 6 are in East Africa where the mobile money services in the existing form are most popular. In these usability remains high only due to the fact that such accounts serve as an effective mechanism for p2p payments. This is not the case for the remaining 122 programs around the world...

 

Therese's comment: Answer is: Mobile money is not a magic bullet for populations who do not have any money to save, but it does help the few who can.

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Plastyc to Address Mobile Banking for the Unbanked at Clinton Global Initiative | Payments Market

Plastyc to Address Mobile Banking for the Unbanked at Clinton Global Initiative | Payments Market | Payments 2.0 | Scoop.it

The Clinton Global Initiative's working group, Financial Inclusion: Building a Path to Financial Security, [will take place] in Chicago June 7th and 8th.

[...]

Plastyc provides the UPside Visa prepaid cards and iBankUP money management services to young and underbanked customers as full replacements for checking account.

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Telefónica and MasterCard launch Wanda to bring mobile payments ...

Telefónica and MasterCard launch Wanda to bring mobile payments ... | Payments 2.0 | Scoop.it
Telefónica's and MasterCard's latest joint venture now has a name: Wanda. If you wonder what kind of fish it is, we already knew that the purpose ...
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Exclusive: Michael & Susan Dell Foundation Invests In Mobile Payments Platform BASIX Sub-K « Lead Story « Techcircle.in – India Internet, mobile, consumer tech, business tech

Exclusive: Michael & Susan Dell Foundation Invests In Mobile Payments Platform BASIX Sub-K « Lead Story « Techcircle.in – India Internet, mobile, consumer tech, business tech | Payments 2.0 | Scoop.it

BASIX Sub-K iTransactions Limited, a mobile payments platform promoted by Vijay Mahajan’s BASIX Group, has raised an undisclosed amount of equity investment… (RT @thinkchangeind "Exclusive: Michael & Susan Dell Foundation Invests In Mobile Payments...

 

Comment: Mobile finance is used here to improve the financial inclusion of underbanked populations in India. 

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How Kenya became a world leader for mobile money | End Poverty

How Kenya became a world leader for mobile money | End Poverty | Payments 2.0 | Scoop.it

[...] Today, Kenya has more cell-phone subscriptions than adult citizens and more than 80 percent of those with a cell phone also use “mobile money” (or “M-PESA” which is very different from “mobile banking” as Michael Joseph–the former Safaricom CEO, and the man behind that revolution—can explain passionately!)....

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Mobile money a 'bright spot' for billions lacking bank accounts - Los Angeles Times

Mobile money a 'bright spot' for billions lacking bank accounts - Los Angeles Times | Payments 2.0 | Scoop.it

Half of the world's population does not have a bank account, with many people saying they make too little money to bother with the cost or hassle of opening one, a new...

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Unbanked banking on mobile: From Kitwe to Cleveland - Mobile Marketer - Columns

Unbanked banking on mobile: From Kitwe to Cleveland - Mobile Marketer - Columns | Payments 2.0 | Scoop.it

Summary: Gary Schwarz analyzes succesful African mobile payment systems such as Cash M-Wallet, M-PESA to determine whether there i an opportunity to provide to serve the 17 million unbanked and 43 million underbanked US citizen with a viable light-banking footprint that would include International Money Transfers, Airtime Top up, Basic Bill Payments, Storing Benefit Payments, Possibly retail micro-transactions. He argues that banks may not be the best channel for it.

 

My take: Thorough and relevant because Gary Schwartz is not only CEO of Impact Mobile, Toronto, he also lived in Africa.

 

To learn more about M-PESA and its 15 milion users follow this link http://www.safaricom.co.ke/index.php?id=250

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