Mobile phone-enabled payment systems – transformation 2008
The widespread use of the mobile phone has offered a gateway for handling financial transactions. After a number of years where innovative products in developed markets stalled, there are now a number of innovations that have found traction in developing markets. There are also alliances
and products that were launched in 2007 or due for launch in 2008 that will potentially change the landscape of m-banking and m-payments. The article offers a quick overview of the emerging innovations, considering innovative products like M-Pesa in Kenya. It looks at lessons learnt so far,
how the markets in developing economies might respond to the new propositions, and what might influence the creation and take-up of m-payment products.