Banking on the future of mobile financial transactions

Espoo, Finland on 6th November 2009

Bo Harald of Tieto Corporation shared a vision of the future that his company has been working on along with many other stakehholders. They are already in the process of implementating eInvoicing, part of something they call the Real Time Economy of financial transactions around the world. And they're making the basic part of this executable by a basic mobile phone. That means that even Ramu the teawallah, if he has to collect his accounts receivable from the MNC employees every month, they could eventually conceivably simply transfer it to his account. From what I could gather there is a finnish bank involved with the prototype and the Finns have been asked to set the standards for the EU wide system.

That is the now.

But what does it mean for the future if all transactions are eventually to be standardized over the mobile phone, regardless of the location? Would Nokia Money be part of this? And if so, what would it mean in terms of disruptive innovation? Here's another slide.

This entry was posted in Bottom of the pyramid/Poverty, Business, Culture & research, Design, Ethics, Marketing, Minimal footprint, Mobile platform, pay as you go economy, Strategy. Bookmark the permalink.

One Response to Banking on the future of mobile financial transactions

  1. Syamant says:

    Here is a situation, a person, who has too pay, claims to have made the payment to the likely recipient. But in fact did not. Here a invoicing, receipt and arbitration mechanism has to be easy enough for most to understand and the legal framework has to develop as fast as the technology.
    Would like your thoughts…

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