Mobile Money

Smart Mobs writes:

The Guardian reports “in what is being touted as a world first, Kenya’s biggest mobile operator is allowing subscribers to send cash to other phone users by SMS.Known as M-Pesa,or mobile money,the service is expected to revolutionise banking in a country where more than 80% of people are excluded from the formal financial sector.Apart from transferring cash – a service much in demand among urban Kenyans supporting relatives in rural areas – customers of the Safaricom network will be able to keep up to 50,000 shillings (370) in a “virtual account” on their handsets”.Further,”M-Pesa’s is simple.There is no need for a new handset or SIM card.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.