Emerging Markets Mobile Banking Runs Ahead Of Google Wallet – By Tom Groenfeldt | Forbes

Straightforward article offering a basic, but thorough, explanation as to why mobile phones have changed banking much faster in emerging markets than in developed countries – also covering the distinction between mobile banking and mobile money

‘Users can do anything [through their phones] that you and I would be used to via normal Internet banking,’ said [Diarmuid] Mallon. ‘The two biggest uses are person to person payment and bill pay. Often in these countries a large part of the population works away from home and has no way to send money back to the family. In a lot of countries, they give cash to someone they trust. Person to person payment is a big changer. The other is bill pay — if you aren’t banked, you can’t cut a check to pay for your electricity. The only way to pay is to go to the office of the electric company and queue up, spending most of your day there to pay. Moving that into a mobile channel is a big change.’

Emerging Markets Mobile Banking Runs Ahead Of Google Wallet – By Tom Groenfeldt | Forbes

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