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Title:

Mobile Ubiquitous Banking and the Future of Money

Your vote:
Yes No
Organizer:
Kyle Outlaw, Avenue A | Razorfish
Description:
Nearly half the world's population now has a mobile device and more than a thousand cell phones are being activated every minute. The ubiquity of mobile devices will make new services available to billions of people worldwide who have not had access to traditional banks or credit cards. In developing countries such as Kenya - where nearly 80% of the population is excluded from the formal financial sector - text messaging is being used to transfer money to friends and family living in other countries. Moreover, new forms of currency are being created - trading cell phone minutes for goods and services, for example. This panel will explore the challenges and opportunities as banks go mobile, and how the revolution in mobile financial services will change the way we think about money.
Questions
Answered:
  1. I'm not interested in financial services. Why is this relevant to me?
  2. What are the current trends in mobile adoption globally?
  3. What are some of the obtacles financial institutions will face as services go mobile?
  4. What opportunities will be presented for consumers?
  5. What kinds of features and functionality can we expect?
  6. How will social networks combined with mobile impact financial services?
  7. Who are the likely dominant players (device manufacturers, software developers, financial institutions, entrepreneurs)?
  8. Who are the pioneers in mobile banking? (Who's already doing it?)
  9. What are some examples of new forms of currencies?
  10. How will our concept of money change?
Panelists:
Guillaume Lebleu (lebleu.org/blog), Tom Limongello (Crisp Wireless), Kyle Outlaw, moderator (Razorfish), Ajay Revels (politemachines.com), Sacha Tueni (vodaFone)
Level:
Advanced
Category:
Mobile / Wireless
Type:
Panel
Event:
SXSW Interactive 2009
Guillaume Lebleu
on 8/8/08
"trading cell phone minutes for goods and services, for example" do you have a URL?
Kyle Outlaw
on 8/8/08
Mobile airtime as a ‘virtual currency’ via ICT Update:

"Perhaps the most remarkable is the use of prepaid airtime – the amount of time that can be spent talking on a mobile – as a sort of currency.

The process is simple, and makes use of prepaid mobile phone cards. Instead of calling the number on the card and entering the code that unlocks the airtime, the user sends the code to someone else via a text massage. The receiver can then trade the code for cash, for example, with a local merchant who needs the airtime or who wishes to sell the code on to someone else. In essence, the airtime is being swapped for cash; airtime has thus become a means of exchange, a 'virtual currency'.

In the past few years, the swapping of airtime for cash has skyrocketed, particularly in areas where prolonged armed conflicts have disrupted formal financial services. In these environments mobile phone operators have thrived, and have provided the infrastructure necessary for using airtime as currency. In the Democratic Republic of Congo, for example, where payment and wire transfer systems are non-existent, mobile airtime is being used by migrant workers who wish to transmit money to their families back home. The system is of course unsuitable for transmitting large sums of money, but for small amounts it is a very workable solution. In some cases, airtime has even been used to bribe officials."

http://ictupdate.cta.int/en/Feature-Articles/Mobile-wallets-and-virtual-currencies
Jesse Pickard
on 27/8/08
I would definitely like to see this. Banking desperately needs innovation and mobile is going to be one of the driving forces behind it.
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on 4/5/09
Very interesting discussion, thank you
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on 18/5/09
Great job! Thank you friend!
Free iPhone 3GS
on 26/7/09
good
Sergio Kotko
on 4/8/09
Very good, that mobile communication will be improved and will introduce new services and opportunities.
Essay help
on 7/8/09
this as an additional competition!
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on 18/8/09

Sell Nike,Jordan,Air force 1 sneaker at http://www.sneakersupplier.com
Free iPhone
on 9/9/09
Half the world has a mobile device! Shokcing!
Promotional Products
on 11/10/09
mobile banking is going popular in lot of countries

Johny
electric cigarette
on 24/10/09
Wow interesting.
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on 30/10/09
I would definitely like to see this. Banking desperately needs innovation and mobile is going to be one of the driving forces behind it.
Free Xbox 360
on 11/11/09
Not many people are doing mobile banking, and wish good reason. The security implications are massive aren't they? I just don't think that the mobile security is up to it yet.
Payday Loans
on 20/11/09
"Money is an invention of the human mind. The creation of money is made possible because human beings have the capacity to accord value to symbols. Money is a symbol that represents the value of goods and services. The acceptance of any object as money - be it wampum, a gold coin, a paper currency note or a digital bank account balance - involves the consent of both the individual user and the community. Thus, all money has a psychological and a social as well as an economic dimension. As human consciousness has evolved, the nature and function of money has evolved too." Wikipedia: Social Evolution of Money
Blu-ray Video Converter
on 21/11/09
What's in the world?
HD Converter
on 29/11/09
rou
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Developed for SXSW by Lindsey Simon