Main Points

• Mobile and wireless markets have been the fastest growing markets in the world with an excess of 2.5 billion subscribers
• Mobile homes have high market penetration in Asian and European counties so mobile banking is likely to appeal to many
• Smartphones promise to provide the instant connectivity and networking required by people such as stock brokers who need up to date information. This will fuel the development of fast and stable wireless networks even in the most rural of locations (3G

Summary
As mobile phone become as standard as a wallet or purse in our everyday lives, we may soon begin to see it replacing them. Obopay has already created this system where money can be transferred via phone, to be accessed using a standard debit card. In developing nations where branches are few and far between, and many people don’t have bank accounts, this could be the next generation of banking for them. Having access to financial services could help entrepreneurs jump start their business and not having to carry large sums of money would make for a safer environment for everyone. M-Pesa operated by Safaricomm is the best example of it.
Customers can deposit and withdraw money at Safaricomm’s airtime distribution agent. They can also send funds to other people where the recipient can cash in the money at a Safaricomm agent. Workers can be paid by phone, taxi drivers can accept payments by phone rather than carrying cash. Also money can be quickly and easily transferred to families.

Cons
Security; what if your phone gets stolen? Hackers? Lost Information?
Dependibility; battery runs out midway through transaction? Software/hardware compatibility.
Energy Source
Technology; what rate/effects will the fast changes in technology pose?
Interoperability; will the software and hardware platforms on phones be able to work with each other








IE:

Smart Card: able to store multiple electronic credits like debit and/or credit.

Citi's OBOPAY