For anyone interested CBS 60 Minutes ran a segment last Sunday called 'The Future of Money'.
The reason I mention this is because this is something I have covered on my blog for some time now. My article on this 60 Minutes segment is here for anyone interested.
A reader of my blog who has become a friend has an even more sophisticated version of this technology he has been operating for several years now (in the South Pacific). It allows for real time transfer of funds across currencies for extremely low fees using an ordinary cell phone (does not have to be a smart phone). This technology has the potential to be utilized globally some day as it meets all banking regulations (anti money laundering, etc.). It was fun to see a version of this featured on 60 Minutes after having followed it for some time now. The technology can be very helpful to those who are migrant workers and need a cheap way to send money back to their families in another country. The financial inclusion initiative at The World Bank has helping these folks out as a high priority as the existing bank fees for this are way too high for these low income workers to be helpful to them.
The reason I mention this is because this is something I have covered on my blog for some time now. My article on this 60 Minutes segment is here for anyone interested.
A reader of my blog who has become a friend has an even more sophisticated version of this technology he has been operating for several years now (in the South Pacific). It allows for real time transfer of funds across currencies for extremely low fees using an ordinary cell phone (does not have to be a smart phone). This technology has the potential to be utilized globally some day as it meets all banking regulations (anti money laundering, etc.). It was fun to see a version of this featured on 60 Minutes after having followed it for some time now. The technology can be very helpful to those who are migrant workers and need a cheap way to send money back to their families in another country. The financial inclusion initiative at The World Bank has helping these folks out as a high priority as the existing bank fees for this are way too high for these low income workers to be helpful to them.
