Handhelds to make financial services available across the world

[Bob Russell]

Economic development and growth in developing countries is tied to a number of factors. One important requirement for investment is secure and stable contract law. Certainly, it's important to have some level of political stability. But something that is sometimes overlooked is the need for access to financial services.

That's one gap that might find a solution with mobile devices and cell phones, because they can provide a framework and infrastructure from which financial services can be provided to the masses. According to the ITU Strategy and Policy Unit Newslog, "The proliferation of mobile communications in developing countries has the potential to bring a wide range of financial services to an entirely new customer base..."

The [pdf warning!] report, "Micro-payment systems and their application to mobile networks", examines the case of the Phillipines as an example, and if the idea catches on we might find handhelds contributing to a rise in the standard of living across the world.

Via SmartMobs.com