Money via mobile: The M-Pesa revolution
Afghanistan is one of a number of developing countries whose economies are currently being reshaped by mobile money - the ability to send payments by text message.
The ubiquitous kiosks that sell prepaid mobile airtime effectively function like bank branches: you deposit cash, and the agent sends you an SMS adding that amount to your balance.
Or you send the agent an SMS, and she gives you cash.
And you can text some of your balance to anyone else.
If you are plugged into the financial system, it is easy to take for granted that paying your utility bill does not require wasting hours trekking to an office and standing in a queue, or that you have a safer place to accumulate savings than under the mattress.
About two billion people are still outside the system, though the number is falling fast - driven largely by mobile money.
By 2014, mobile money was in 60% of developing-country markets.
Some, such as Afghanistan, have embraced it quickly - but it has not even reached some others.
Nor do most developed-country customers have the option of sending money by SMS, even though it is simpler than a banking app.
http://www.bbc.co.uk/news/business-38667475
I will keep an eye out for something like this to get traction in Canada.
SMS Banking
Re: SMS Banking
That is really interesting Milo. Though without any thing on paper I am wondering how secure it really is.Milo wrote: ↑Fri Feb 17, 2017 12:23 amMoney via mobile: The M-Pesa revolution
Afghanistan is one of a number of developing countries whose economies are currently being reshaped by mobile money - the ability to send payments by text message.
The ubiquitous kiosks that sell prepaid mobile airtime effectively function like bank branches: you deposit cash, and the agent sends you an SMS adding that amount to your balance.
Or you send the agent an SMS, and she gives you cash.
And you can text some of your balance to anyone else.
If you are plugged into the financial system, it is easy to take for granted that paying your utility bill does not require wasting hours trekking to an office and standing in a queue, or that you have a safer place to accumulate savings than under the mattress.
About two billion people are still outside the system, though the number is falling fast - driven largely by mobile money.
By 2014, mobile money was in 60% of developing-country markets.
Some, such as Afghanistan, have embraced it quickly - but it has not even reached some others.
Nor do most developed-country customers have the option of sending money by SMS, even though it is simpler than a banking app.
http://www.bbc.co.uk/news/business-38667475
I will keep an eye out for something like this to get traction in Canada.
“The further a society drifts from truth the more it will hate those who speak it.” … George Orwell
Re: SMS Banking
In a low trust marketplace with a rapidly depleting currency, security is worthless. You need speed and accessibility.......
I have a certain notoriety among the lesser gods........
- SteveFoerster
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Re: SMS Banking
All this is why developing countries are particularly fertile ground for Bitcoin.
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac
President of New World University: http://newworld.ac
Re: SMS Banking
I'm not quite sure how Bitcoin or its equivalents are any different from monopoly money or the USD. Money has value only if there is trust involved by both sides of a trade. The acceptor must have a solid belief that the value of the notes he is taking in exchange for his goods would be able to buy some other goods of same current value at a later date. In essence without that element of trust any IOU form has no value and will fail eventually. The sharp variations in the value of any currency form do not lend it any measure of trust.SteveFoerster wrote: ↑Fri Feb 17, 2017 8:03 pmAll this is why developing countries are particularly fertile ground for Bitcoin.
I'd rather be diving or flying alas for now I am on terra firma.
- SteveFoerster
- Posts: 1161
- Joined: Thu Dec 15, 2016 7:17 pm
- Location: Northern Virginia, USA and Dominica, West Indies
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Re: SMS Banking
Enough people seem to think so that a single bitcoin is now selling for more than an ounce of gold.dagbay wrote: ↑Sat Mar 04, 2017 11:16 amI'm not quite sure how Bitcoin or its equivalents are any different from monopoly money or the USD. Money has value only if there is trust involved by both sides of a trade. The acceptor must have a solid belief that the value of the notes he is taking in exchange for his goods would be able to buy some other goods of same current value at a later date. In essence without that element of trust any IOU form has no value and will fail eventually. The sharp variations in the value of any currency form do not lend it any measure of trust.SteveFoerster wrote: ↑Fri Feb 17, 2017 8:03 pmAll this is why developing countries are particularly fertile ground for Bitcoin.
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac
President of New World University: http://newworld.ac
Re: SMS Banking
Nothing new there people believe in stranger things ...Enough people seem to think so that a single bitcoin is now selling for more than an ounce of gold.
I'd rather be diving or flying alas for now I am on terra firma.