"Contribution of Telecomunication towards Economy"

I was reading an article today in The Economist and very surprised to know the how mbile phones are contributing towards the economy of a country. In a few years to come , mobile phones are going become tools for the economic empowerment for the world's poorest people. According to the world bank, an extra ten phones per 100 people in a typical developing country boosts the GDP growth by 0.8 percent which itself has a direct impact on the economic growth. I am surprised to find out that there are more than 4 billion handsets that are now in use world wide and three quarters of them in the developing countries.

"Banking on Mobile:

For the poor countries where there is a lack of infrastructure like bad roads and slow postal services, Mobile Banking would have a huge impact, & will be very efficient. The most successful examply of Mobile banking is M-PESA which was launched in 2007 by Safaricom in Kenya. Transfering money through the mobile is the fastest, safest and the cheaper way rather than costly bank transfers and post offices. Even there are lots of people who are using M-PESA as their savings account. The banking sector also, is not seeing mobile money as a threat but as an opportunity and are teaming up with the mobile operators.

I think in the coming years, we are going to witness this vast growing Mobile banking sector playing a significant role in the e-business.

"Please post your comments that what impact mobile banking is going to have on e-businesses.