Our class on Tuesday focused primarily on various effects of and issues with usage of mobile phones in the daily lives of some in developing nations. While we talked more about the basic effects of having a mobile phone on economic development, mobile phone access can influence connections to financial information and services. This past week, Forbes came out with an article about two major companies in the financial services sector and their plans involving growing developing economies. MasterCard and Visa see the growing mobile phone usage in developing nations around the world as an opportunity to increase their reach in such economies. While full financial services will not be available, the usage of mobile banking and mobile payment technology certainly has the potential to create great financial opportunities for people in those developing nations- whether they already have access to traditional financial services or not. These changes could lead to even greater economic development than already projected for many of the developing economies.
15 March 2014
Visa and MasterCard Boosting Services In Developing Economies Via Mobile Banking