The Economist recently wrote an article about the power of mobile money that highlighted M-PESA, which launched in Kenya in 2007. An interest stat: Kenya has a population of 38 million, 18.3 million people have mobile phones and 7 million use M-PESA. Not a bad start.

However, upon further reading, the article mentions the struggles that more developed countries are likely to face in their efforts to bring the concept of mobile money. More developed = more regulations = more parties involved. Using this logic, it’s clear why a country like Kenya is having success, yet it’s not highly utilized in European or Asian countries.

Clearly, mobile devices are proving to be the area in which banking and finance needs to concentrate on. Growth and potential if obviously there, but the question of how to maximize this space still remains unanswered. What are your thoughts? Do you think mobile money is a likely option here in the United States and other developed countries?