Mobile Money industry: market leaders, trends and perspectives.

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Mobile money — the ability to transfer funds, pay bills, buy products and pay for services via mobile phones — is transforming millions lives all over the globe. The ability to access funds anytime and anywhere saves time, improves security and provides means for saving and managing money more effectively than traditional methods.

The African continent faces the biggest challenges in the financial technology space. With almost 80% of adults in Africa not having access to banking services, the majority of the continent is still unbanked.

With mind-blowing popularity of crypto-industry including Bitcoin and other cryptocurrencies, we can see growing demand for blockchain based project and the possibility of supplying cryptocurrencies.

Let’s meet TOP 5 leaders in this area.

5. Telcoin

Telcoin is a brand-new cryptocurrency based on the Ethereum blockchain.

Their vision is to work together with telecom operators in order to enable any mobile phone user to transfer money from their phone to someone else's using only the phone number of the recipient. They claim that ‘mobile phone is essentially your cryptocurrency wallet’. Sounds interesting, but their project is only on the first stage and it hasn’t already made working product so let’s see how it goes on.

4. Bitwala

Bitwala is a global blockchain-based payment service provider headquartered in Berlin, Germany, founded in October 2015. In contrast to other money transfer services like Western Union, Money Gram and Transferwise, the German startup utilises digital currency to offer a much faster and cheaper solution.

Bitwala enables SEPA and SWIFT money transfers by exchanging Bitcoin or Altcoins to over 20 fiat currencies to any bank account in over 200 countries worldwide. Bitwala’s Bitcoin debit card is now deactivated and it is impossible to use it for further payments or withdrawals. This affects both physical and virtual cards.

3. Bitpesa

BitPesa is a pan-African platform redefining how businesses make payments to and from sub-Saharan Africa, headquartered in Nairobi, Kenya. Focused on using cutting-edge blockchain technology to increase efficiency across markets, BitPesa opens corridors for business payments and trade between Africa and the rest of the world.

Using BitPesa, organisations can take control of their payments to employees, distributors, or suppliers, as well as collect payments from African customers. Bitpesa allows business payments between Africa and the rest of the world, but no services for individuals P2P (peer-to-peer) are available and we can make a conclusion that it cannot solve unbanked people problems.

2. WorldRemit

WorldRemit allows to send funds to more than 140 countries around the world. WorldRemit allows to fund transfer from bank account or a credit or debit card, while the sent funds can be deposited into recipient’s bank account or mobile wallet or made available for collection from an agent location. It is also possible top up someone’s mobile airtime.

Transfer fees depends on the amount sending and fees become significant as transfer amount increases. WorldRemit is not based on blockchain and doesn’t supply cryptocurrencies.

1. Bank4YOU

Bank4YOU aims to provide a cryptocurrency solution for mobile networks, enabling them to provide their customers with access to remittances all over the world, transfers, payments, and ecommerce. Bank4YOU Group provides customers with a wide range of pre-paid card options as well as other financial solutions since 2013. It also includes the withdrawal of funds in local currency via the mobile money service or mobile airtime. There are no fees for Bank4YOU Money Transfer services.Bank4YOU based on Ethereum blockchain and Bank4YOU token is already trading on crypto exchanges.

It's enough to have an application in a smartphone that will allow to make payments. Besides MMRS system, Bank4YOU will lend users to purchase smartphones. It will be possible due to the introduction of smart contracts into the system. The credit history will be transferred to the blockchain, where all information about the user will be cryptographically protected.

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