Wednesday, March 19, 2008

Want to see what Mobile Money is all about?

So the GSMA sent me an email this morning asking if I wanted to attend a two day conference on mobile money in Egypt. Out of professional interest I looked at the web site for the event and discover that I cannot see who is speaking, they have no Sponsors or Exhibitors and so it looks like a work in progress. The only problem in that the event is some two months away and so if this was a professional conference everything would have been in place.

This sums up the whole get rich quick mentality of the GSMA when it comes to mobile payments. Rather than look at the ecosystem for Mobile Banking and debate the need for joined up thinking the GSMA have decided to host a two day demonstration on why they have the magic box that will see everyone bank on their mobile. The GSMA solution is to develop a whole new approach rather than look at the banking sector and say how can we move customers from branches and atm's on to handsets? At this moment the consumer and Banks need to understand the functionality and features needed fot payments.

What we have from the GSMA is the movement of Remitances onto mobiles. Now ask youself if what you want is the ability to pay the window cleaner by text message rather than cheque rather than send hundreds of pounds to a relative overseas phone to phone.

I understand that the project manager for this has moved on from the GSMA. Perhaps they can now kill the assignment and accept that the fees paid to consultants proved that they have little chance to make money selling something that no one needs.

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