Cell Phone Cash Transfers

February 12, 2007 in Mobile Marketing

If you still aren’t sure about the coming cell phone revolution, consider this next bit of information:

“Out of the 6.5 billion people on the planet, less than one billion have a bank account. The only way to sustainably serve these people is through mobile communications,

 

Mobile communications operators and banks joined forces on Monday to make it easier and cheaper for hundreds of millions of immigrants and migrant workers to send money home by using their mobile phones.

…people can load cash on their mobile, and order it to be sent to a mobile phone number in another country, where the recipient receives a message that money has arrived, making it as easy as sending a text message Full Story

This technology is part of the last bit of technology needed to turn the indispensable cell phone into a complete financial transaction system. All that’s needed now is the ability to swipe your phone like you would a credit card to complete a transaction or allow you to enter UID to make purchases directly from your cell phone. Surf, shop, send cash and pay all from your phone.