Mobile banking and innovation September 26, 2008
Posted by Dan Herman in Banking, Internet.Tags: Banking, Internet, Mobile
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A few months ago I wrote about the mobile banking solutions I found while travelling in Africa – essentially a series of PayPal-like systems for mobile users. Given the limited nature of financial services in the region, and the overall paucity of infrastructure, these innovations make sense.
But do they make sense in more developed markets? That’s still very unclear.
RBC (Royal Bank of Canada for non-Canadians) recently rolled out a trial for their own mobile banking solution. RBC Mobex is billed as an “innovative payment solution designed for use with your existing mobile phone to make life more convenient for you. Just imagine, you already use your mobile phone to access friends, family, work and play: now you can use it to access your money too. Use it when you don’t have cash in your wallet, there isn’t an ATM nearby or cheques and/or debit / credit cards are not accepted forms of payment.”
The value of such systems comes with scale. (more…)
