Mobile Financial Services: The next big thing

The boom in the mobile industry is expected to be a big hit by 2015. Experts feel the mobile communications and financial services by coming together are going to change the remittance business forever. Edgar Dunn, a specialist mobile banking and payments consultancy firm, in partnership with the GSMA, the global trade association for the mobile industry has come up with these predictions in its new study. It believes that by 2015 1.4 billion people could be using mobile wallets- software that enables consumers to manage their money. The GSMA has been focusing on two major initiatives- Mobile money transfer and Pay-Buy-Mobile focused transaction at point of sale.


The study has found that to implement the mobile wallet scheme in different parts of the world the governments must ensure that the regulations are relaxed and the transaction is made easy between the countries. Following an agreement with the GSMA, Western Union has reached agreements to deploy mobile money transfer services with Bharti Airtel in India and Globe and Smart in the Philippines.


Further, to take this initiative one step forward a Mobile Money Summit has been scheduled this May which is going to bring together the stakeholders required for industry and governments to create this new frontier in financial services and inclusion.



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