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This video from the Bill and Melinda Gates Foundation shows how mobile banking on cellphones is more than a convenience, it's a necessity that can mean the difference between life and death in developing countries.
According to Pankaj Gulati, CEO and chairman of MoreMagic Solutions Inc., the company responsible for the technology powering the mobile banking solution featured in the video, the need for an alternative to cash is very real in the developing world.
"As we were deploying (payment) ecosystems in the developed world, we also looked at the developing world," he said.
"In the developing world there is a serious problem, and the problem is cash," Gulati said. "Carrying cash around in your pocket or storing it under your mattress is not an option. So in these economies, even though these people make very little money, the need to secure that cash is very critical."
"We saw that need about six years ago, and we went in and we served that need. So today we have a full-fledged mobile money ecosystem, a mobile banking system, running in Haiti," he said.
(photo: Bill and Melinda Gates Foundation)
