“For a technology company, Mobile Money is remarkably low-tech. Only the tiniest amount of bandwidth is necessary for a financial transaction, and it doesn’t need to be instant – the store and forward of SMS is perfectly good enough. There are a number of technologies used in Mobile Money, including USSD, SIM toolkit, Java and plain old voice through IVR – which is great for places with an illiterate population. None of these technologies are new. The barriers to Mobile Money are business models and logistics.
So while it might seem that Mobile Money is just another ecosystem in Nokia’s service strategy, look closer and you find that Mobile Money is a peculiarly good fit.”