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Mobile Money Machines

I agree that mobile companies should merge to different banks


I think the really interesting use of mobile payment platforms is when telecoms (like Globe) combine their efforts with multiple banks, especially those which are already focussed on the bottom of the pyramid like the rural banks in the Philippines. It is at this point that the technology of mobile payments and real mobile phone banking can achieve tremendous growth and also provide the opportunity for smaller banks to bypass larger banks. From what I am seeing in the Philippines, far more people own cell phones than computers and this is true for all of the developing countries of the world. Based on this fact, and the fact that people already are quite familiar in countries like the Philippines with sending and receiving text messages, far more people in countries like the Philippines will bank as well as buy and sell goods and services using mobile phone banking and mobile payment platforms than will ever be able to use the services of internet banking or use traditional credit card services. Just take a look at the website and videos put up by the Rural Bankers Association of the Philippines at www.mobilephonebanking.rbap.org to see the tremendous potential.

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