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Urban Communities

Media (R)evolutions: What’s the potential of mobile payments?

Darejani Markozashvili's picture
New developments and curiosities from a changing global media landscape:  People, Spaces, Deliberation  brings trends and events to your attention that illustrate that tomorrow's media environment will look very different from today's, and will have little resemblance to yesterday's. 

There is a lot of discussion right now about mobile payments and its potential in rural and urban communities. Who uses these services and how will this impact various key markets?

According to the latest Mobile Payments report by the GlobalWebIndex, the next wave of growth in mobile payments will be in rural areas. Defined as the financial transactions performed via mobile devices, mobile payments may offer solutions to traditional methods of delivering financial services. Currently 7 in 10 mobile payment users live in urban environments.
 

Globally, there are about 2 billion adults without access to a basic bank account. Although this is a 20 percent decrease from 2.5 billion adults in 2011 , it’s still a high number. Regardless of barriers of opening a bank account (lack of enough money, distance to the nearest financial service provider, lack of proper documentation papers, etc..), one thing is clear: traditional financial services are not meeting the needs of the low income users. Will mobile payments fill this gap?

#8 from 2012: How Does Your City Make You Feel?

Darshana Patel's picture

Our Top Ten Blog Posts by Readership in 2012

Originally published on April 4, 2012

Cities are often associated with mixed emotions. They can sometimes make us feel insecure, disconnected and lonely, even in a crowd; while, in other moments, they provide the setting for the happiest events in our lives. 

Whether we are conscious of it or not, urban spaces have a huge impact on how people participate in public life. Regular readers of this blog know that the original concept of the public sphere originates from the agora in ancient Greek city-states. The agora was a physical place where people gathered to deliberate and exchange their opinions – a true marketplace of ideas. The modern public sphere has now shifted more into the virtual realm, through various technologies and social media.