Mobile money in emerging markets has been one of the more exciting, and one would hope sustainable, innovations in financial services over the last decade.We are seeing impressive growth in many mobile money schemes in Africa and these developments have led to similar levels of focus and increasing investment in financial services for the poor in Asia. The direction in which the industry will develop in Asia will be fascinating.Will organisations look to replicate the success of ventures such as M-Pesa with massive mobile operator-led closed loop systems or will they look at different models that reflect the market variations in Asia? My argument would be that due to differences in bank penetration, regulatory oversight, and mobile operator commercial models, mobile operator-led financial services models will not proliferate in Asia, and in the long run, banks will be far more successful in providing these services. I would also argue that in the long run, Asia will eclipse what we have seen in Africa to date in regards to mobile money.
Please see the remainder of this article published in the journal, e-Finance & Payments Law & Policy at http://www.e-comlaw.com/e-finance-and-payments-law-and-policy/.
- Brad Jones
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