Mobile money allows people from all walks of life to transact business wherever they are simply with the touch of a mobile phone screen. With access to this mobile cash digitization network, unbanked consumers can deposit cash and use the cell phone for transactions. By broadening the reach of low-cost digital payment systems, particularly in rural and impoverished regions, we can offer poor and low-income people the opportunity to capture income-generating opportunities and create efficiencies of scale with equal access to financial services providers, government services and businesses.
The Gates Foundation believes that “the combined effect of these interventions will accelerate the rate at which people can transition out of poverty and build their financial security.” Digital payment systems can address the needs of individual low-income households by offering a one-stop solution to enable the collection of customer payments, buy goods and pay for housing, healthcare, utility bills as well as a way to send money to family, friends and business associates.
The mobile revolution can be the catalyst to help people in the world’s most impoverished regions to improve their lives and shape sustainable futures by linking them with digitally-based financial tools and services."
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About the Author:
Harold Montgomery is Chairman and CEO of MoneyOnMobile, India’s largest mobile payment platform.