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A rapidly increasing number of people across the globe are now staying connected to one another via a mobile phone device – whether it’s an iPhone, Nokia, or Samsung. In fact, the United Nations reported earlier this year that the worldwide figure for cell phone subscriptions had topped five billion at the end of 2010. According to the International Telecommunication Union, approximately 3.8 billion of these mobile subscriptions were from developing countries – with India and China fueling this upsurge. As the number of mobile phone users rapidly increases across the world, the mobile financial services market is also booming, and is increasingly dominated by Asia. Photo by Karl Grobl. As this trend continues, the mobile financial services market is also booming, and is increasingly dominated by Asia, driven by mobile, operator-led initiatives in these developing nations to “bank the unbanked.”
Mobile Money for the Developing World
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