The increase in banking transactions on the move is giving an entirely new meaning to pocket money in many parts of the developing world, in particular. These are the in remote and rural areas of the globe that still lack banks or instant cash machines. For the people there, new mobile money apps are fast emerging as effective financial tools that allow them to receive money without visiting a bank, dispatch remittances or pay their bills through mobiles. The director (mobile banking strategy), GSM Association, Gavin Krugel points out that over a billion consumers across the globe have a mobile but lack access to a saving bank account.

The powerful industry group of nearly 800 wireless operators sees a big opportunity in this irony. According to the GSMA, the industry is rapidly growing. Mobile banking started emerging in the Philippines and regions of South Africa six years ago. Nearly 8.5 and 4.5 million people, respectively, there make use of such services. Today, approximately 40m people use mobile money worldwide. Underlining the power of mobile phone device, Google chairman & chief executive Eric Schmidt underlined their steadfast commitment to exploring the power of a handset in all its forms. While speaking at used the just concluded at Mobile World Congress, he said during the keynote address that Google programmers and developers were in the process of devising effective mobile versions of most applications and software even before they made the desktop versions.

He added over 60,000 devices with Android were being released every day. He remarked that in a matter of few years smartphone would score over PCs in terms of sales. Mr Schmidt concluded; “Indeed the phone, is no longer merely a device. It is your alter ego – it is fundamental to everything that you do.”