Yesterday we discussed the importance of your customers finding you or your business on mobile devices, Can I Find You. Phones and technology have certainly made a difference in the way we do business. Who could have ever imagined that more people would be purchasing over a cell phone than a desktop computer or through the mail?
I recently watched a segment on 60 Minutes that was even more impressive. “The Future of Money” shows how using inexpensive, low functioning cell phones, bankless banking is improving business and the lives of people in Kenya.
23 million people in Kenya are using M-PESA, which is basically digital currency. They do not need a credit card or a bank account. You just take currency to an M-PESA kiosk and they turn it into digital currency. You can also exchange the digital currency via cell numbers. People are using it to pay for taxis to taxes. Bankless banking is changing the country of Kenya.
It is simple to use, just type in the cell phone number of the person you want to pay, the amount you wish to pay, your pin number and then accept. It is like having a bank in your pocket.
Some of the wonderful things that are happening because of M-PESA include lights in poverty stricken areas via solar panels and clean water for villages. They can purchase a whole month of well water for $6.00.
The advantages of using bankless banking like this around the word is astronomical. Just take a couple minutes to check it out and learn more about the “Future of Money.”