What Bitcoin Can Learn From Mobile Money's Journey
Sarah Boone Martin is founder of Rock the Coin, an organisation that engages in grassroots community outreach about bitcoin. She is also CEO of Boone Martin, a global communications firm that focuses on social impact investing. Many of the greatest challenges faced by bitcoin today - adoption, scale and regulation - mirror those of its predecessor: mobile money. When launched in 2007, mobile money was just as foreign and raised as much alarm as bitcoin. Though it has since spread to 60 million active users, mobile money was not an overnight success. However, we now have seven years of data....
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The study also surveyed households all over the country to see how mobile money affects them. Mobile money is becoming the new norm in developing African countries. Projects such as M-Pesa have seen tremendous success in Kenya, as it allows more females to create a business career for themselves. More importantly, mobile money has aided nearly 200,000 households to escape poverty, which is an impressive number. All of this spells good news for BitPesa, which offers the same prospects, but uses Bitcoin instead. The new study published in Science magazine this week paints an intriguing....
According to the World Bank’s Global Financial Inclusion Index, Africa has the highest mobile money adoption rate in the world. Worldwide, only 2 percent of the population possesses a mobile money account; in Africa, 12 percent of the population uses mobile money. Africa’s affinity for mobile money is one of the main reasons why many members of the Bitcoin community believe that the region is fertile ground for bitcoin adoption, especially to meet the needs of the large underbanked population that often relies on mobile money to send and receive payments. However, the reality is that....
Apple Pay has been touted as one of the most innovative ways to pay with a mobile device. Whether or not that will be the case, remains to be seen. But ever since Apple Pay launched in the United Kingdom, it is causing issues with the London Underground. Using Apple Pay will put the user at risk of being overcharged for their journey, which not exactly how this system is supposed to work. Mobile payments are on the rise, and manufacturers and payment processors are scrambling to cobble together a mobile payment solution for the entire world to use. But even tech giants such as Apple, who....