This paper outlines the role of mobile phones in addressing the financial inclusion gap in developing countries and the value of retail payments in jump-starting mobile schemes. It then lays four key challenges in the evolution of mobile money schemes from pure payment mechanisms to vehicles for...

Technology can enable banks and their customers to interact remotely in a trusted way through existing local retail outlets. Customers can be issued bank cards with appropriate personal identification number (PIN)-based or biometric security features, and the local store - the “banking...

M-PESA is a remarkably successful mobile payments system launched in Kenya three years ago. Users are able to send money to each other conveniently from their M-PESA using only their mobile phones. A key to the success of M-PESA is the availability of an extensive network of retail shops that...