Whilst in the developed world the mobile wallet is mainly seen to be making people’s lives more convenient, in developing countries it is having a transformative effect, bringing safer, faster, easier financial services to the people who need it most.
Obviously the spread of mobile wallets in the developing world serves to draw people, who would otherwise be paid in cash and might live far from banking facilities, into the financial system giving them access to secure money storage and modern banking services.
But it also has a fantastic effect on charity and the distribution of aid. For development organisations that disburse aid for food, water and medical supplies to poor families in the remote regions of the developing world, administrators can now simply press a button allowing the families to receive the cash instantly on their mobile phones via a mobile wallet which can then be passed on to local beneficiaries and volunteers.
In the past, these organisations would have had to pay a van with security guards to transport the cash in order to pay these local beneficiaries and volunteers. Given the poor network of roads in parts of the developing world where aid is needed the most, this would often take days and use up precious resources and also involve a significant amount of danger.
This is a great example of how mobile wallets are helping to transform lives in the developing world.
Mobile wallets represent a great opportunity for any NGO, development organisation or company with business in emerging markets to reach out to individuals more efficiently and, in the process, drive social and economic change.
Services like Jumio’s Netverify have a crucial role to play in this charitable mobile wallet revolution, as the technology used in these developing countries becomes more advanced.