Mobile payments is more than a technology platform. It’s a way to enable greater financial inclusion and financial access for the 2.5 billion financially underserved consumers worldwide.
I was first stricken with images of poverty as a young child visiting India for the first time. Growing up in Singapore and in close proximity to all kinds of people across the region, I could see the importance of helping people at the bottom of pyramid.
For millions of people from remote areas across Africa, Asia, Latin America and Eastern Europe, mobile money opens doors to better livelihoods, such as giving people a quick and easy way to send money to family members in another country. Or offering farmers in remote areas a safe and reliable platform to purchase farming equipment – rather than traveling days to the nearest bank to make payments.
Alongside Utiba’s co-founder, Richard Matotek, we have always believed that mobile innovation has the power to help people break out of the poverty cycle. This is part of Utiba’s DNA and we see the vast opportunity ahead of us.
The numbers speak for themselves: Remote mobile payments will account for nearly $226 billion in mobile payments in 2012. (according to NPD In-Stat).
As part of MasterCard’s Mobile Money Partnership Program, Utiba recently joined hands with MasterCard to take forward innovations that help the underbanked. Click on the video below to hear my personal insights on why mobile money is critical for people in developing worlds.
And please share your personal stories of financial inclusion. Why do you think it’s important?
Justin Ho is a guest blogger and the co-CEO and Founder of Utiba Pte Ltd.