When a devastating earthquake struck Haiti in January, phones enabled Haitians to withdraw cash at local banks or access account funds to pay for groceries.

The spawning of a “mobile money” market in Haiti illustrates how mobile funds-transfer applications could develop elsewhere. Now card companies and mobile carriers in various parts of the world are coming together to meld the popularity of cell phones with access to financial services.

via Worlds of Differences in Mobile Money Strategy – American Banker Article.

Mobile operators and industry experts see the mobile payment, also called Mobile Banking, MBanking, M-payment or SMS

Banking, as the future of a cashless society.

The mobile payment works by storing a consumer’s credit or debit card within the SIM card and employing the near-field communication (NFC) technology1 or sending money by text message. Clients can convert cash into electronic money (and vice

versa) through any retail outlets and then use their mobile phone to instantaneously send and receive money wherever they have cell coverage.

via Financial Technology Africa | Will You Pay By Credit Card? No, I Have My Mobile Thanks.