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P2P Islands Need to be Bridged
Mobile money transfer services are proliferating in “developing” regions where the banking network is not terribly well developed. That means “unbanked” consumers will have many new options for sending and receiving money.
But that also means the money transfer “islands” will be less efficient than if virtually any user, on any network, could send and receive money from any other user, on any other network. But that requires the creation of a new “interoperability network” such as that created by Visa, says Tom Meredith, of P2P Cash.
P2P Cash hopes to replicate M-Pesa, but worldwide. “We are working with Swift on a system to send money from any mobile phone to any other mobile phone, says Meredith.
At the moment, P2P Cash is working with remittance companies to automate the process of sending money from United States, United Kingdom and Middle East to other countries such as Mexico and the Philippines.
That means setting up an agent network able to accept cash from any mobile wallet, and then dispense cash to recipients.
There are, for example, some 16 mobile money providers in Kenya alone. None of those systems yet will support sending and receiving funds across any of the 16 networks. “We solve the cross-payment issues,” says Meredith.
2012-10-29 01:22:07
Source: http://dailynewsreader.mobi/2012/10/28/p2p-islands-need-to-be-bridged/
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