Mobile Phones – The Future of Banking

Say you need to run to the corner store to purchase some sugar. What do you grab to take with you – your keys, your wallet, your phone? What if you no longer needed your wallet and everything you had in there – cash, credit cards, ID – was all stored on your mobile phone? What seems to most people in the developed and banked world as something out of a sci-fi novel is very much a reality for many in the developing world. CNN’s Our Mobile Society blog series takes a look at this very issue and possible uses for mobile phones in the future. Google has recently launched the Google Wallet app, which is currently only available with Citi MasterCard and has received mixed reviews. While it might take some getting used to, the future of mobile banking and mobile payments is very much headed in this direction and is a key part of CTED’s research. The issue of the future of mobile payments is one of the three panels that will be a part of our Second Annual Conference in Abu Dhabi on February 11-12, 2012.

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About CTED

CTED, as part of the New York University Abu Dhabi Research Grant, is a multidisciplinary research lab that focuses on combining economic principles, technological advances, and human-centric design to create innovative solutions for the problems experienced in emerging regions.
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