#Mobile banking for the #unbanked


Africa's payments and retail show


In this article – Gemalto demonstrates how they are introducing mobile banking for the unbanked into Columbia:


Colombia has pioneered secure mobile banking services in Latin America – and soon this will even extend to people without bank accounts. With 90% of Colombia's 45 million inhabitants carrying mobile phones, compared with just 17% with fixed lines and only 13% using fixed internet services*, the country has proved to be an ideal launch pad for the mass deployment of mobile banking.


This was kickstarted when Gemalto and Redeban Multicolor, Colombia's largest financial network, launched the country's first SIM-based secure mobile banking services. The project brought together Gemalto's expertise in EMV card technology for banks and its SIM application services for the telecoms market.


Soon, through any standard GSM network, mobile phones will be able to offer a complete suite of mobile financial services. For instance, by deploying an electronic wallet application that stores money, banks will be able to give all users – banked or unbanked – the ability to perform the transactions that are already incorporated into mobile banking services.


The mobile banking application is the answer to a real need in the market for banking services that are available any time, anywhere. Indeed, it's likely that, before too long, mobile banking applications will be fully adopted not only by the banks, but also by nonbank financial entities such as PayPal.


> Click here to see the full article


Gemalto is one of Africa's payments and retail show's Bronze sponsors and will be tackling unbanked issues for Africa just like this one!


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