In Emerging Nations, mChek and M-PESA Enable Remote Banking via Cellphone

Mobile phones have the unique ability to leap past barriers. No highways? No landlines? No internet connections? No problem. Smartphones create instant links to modern civilization that can be carried around in subscribers’ pockets. Low-cost, easy to erect service towers solve the logistics problem instantly. State-of-the-art telecommunications equipment made by companies like China’s Huawei provides the network systems at relatively low cost. This is true even in the deepest, darkest corners of the world, from Nigeria to New Guinea, from Cambodia to the Congo. By 2024, according to Plunkett Research estimates, there were already more than 9.0 billion wireless service subscriptions on Planet Earth. Even people living the simplest lives imaginable, with no running water, dirt floors in their homes and cooking over wood fires, have smartphones. Soon enough, virtually every adult on Earth who wants one will have at least one smartphone, as will a vast number of their children.

In India, for example, innovative business practices have created the world’s most efficient smartphone companies, bringing the wireless world to subscribers at rock bottom prices. In rural India, a one-man, smartphone-based banking stand can take deposits from customers, who are now able to establish formal savings accounts for the first time in their lives. Their accounts are credited by the banker via a code sent to a main bank by secure text message. The account’s owner has a secure username and password to enter via smartphone, enabling the customer to identify herself and track account balances. Payments can be sent by the same methods to another bank customer’s account. These mobile bank customers are able to purchase and pay for goods or services via long distance. Next, using their smartphones for internet access, they can view and order online, purchasing, for example, a ticket on one of the developing world’s many new, ultra-cheap airlines.

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