It is well-documented that the introduction of the mobile phone created extensive shifts in the make-up of the macro-economic spending profiles. For instance in markets where mobile phones took off, beer sales and even clothes sales went down. This means that people actually diverted money from drinking to pay for communications.If we assume that mobile banking initiatives will ultimately lead to huge financial success, we should be able to identify those sectors that would "loose-out" and which less money will be spent on. In other words, from which sector will money be reverted to pay for mobile banking? I would like to venture the following:
- Businesses that work with cash (printers of cash, cash distributors, etc.)
- Transport companies as people would not have to make trips that they otherwise would have had to do
- Expenses related to distribution (distribution of airtime, postal services etc.)
- Money remittance companies with big margins
- Banks (when they charge big fees)