Bitcoin Forum

The emerging markets have outpaced the mature one’s development significantly, experts say. Let’s check out two of the major trends.
Smartphones golden age
The first trend implies that emerging market buyers are shifting from PC, laptops, and tablets with a high penetration in mature countries right towards a new generation technologies. That means that smartphones there have been adopted not only before PCs but instead of them. Due to continuous smartphone penetration on the market, the growth in a number of mobile phones in emerging markets is proceeding exponentially. According to GSMA Intelligence, for instance, it stands for 76% in Taiwan and for 70% in Myanmar. The reason is that smartphones in Asia have recently become rather affordable and its cost varies just from $30 to $50. Moreover, the capabilities of smartphones processors are on par with PCs’ processors, and the features sometimes wider — photo shooting, for example.
Contrary to all the rules
The second trend covers rising of the Internet penetration even among people with very low income. The emerging markets show interesting statistics: usually, they have a high percentage of the unbanked and underbanked population and, at the same time, the high level of penetration of the Internet and mobile services.

For example, Asian region overall is expected to become the world’s fastest-growing Internet region by 2020. While Internet industry is flourishing, only 27% of the South East Asian population have a bank account. In 2017, China has 731 million internet users and 53,1 %t of them are online. The country demonstrates a fast development pace but still has 21% of unbanked. In Myanmar, the Internet traffic growth is 58% and, at the same time, Myanmar has one of the lowest banking penetration rates in Asia, with over 70% of adults (aged 15+ years) unbanked.
Traditional banks and alternative fintech projects battle
What is more surprising, these trends have the strong impact on the totally different industries, for example, on the financial markets. Emerging market consumers, in the same way, skip traditional banking services and move to online wallets, payday loans cards, P2P credits and to online applications for loans that can be taken via smartphones! That happened since people found it is much easier and faster to do it by phones, however, this fact formed a new trend in financial services. As mobile and Internet services do not need paper documentation, therefore, neither financial services nor their customers need such traditional creditworthiness proofs as papers, credit histories, collaterals, persons to vouch and so on. All the traditional banks’ requirements make sense as they are just trying to de-risk their ​businesses, especially for the emerging markets banks.

In Kenya, for example, M-Pesa financial service lets customers store, transfer and send money via simple text messages. Usage of WeChat Pay and Alipay apps is approximately 7 times greater than average of top five conventional banking apps in China!

However, at the same time, alternative mobile services market is growing rapidly making all the classic rules senseless because the fintech projects found the way not only to accept applications online from mobile devices but to assess their customers online too.

For instance, the blockchain company MicroMoney has developed the mobile scoring system based on neural networks technologies that allow estimating of customer's creditworthiness remotely just having an access to a customer’s smartphone data. So its clients don’t have to collect a pile of papers, to provide a collateral and a one to vouch, or to wait for the bank approval. No struggle to prove that they are reliable credit customers or wasting the time if they had no credit history before (because for a bank it means the obvious rejection). MicroMoney’s mobile scoring system after getting the access to mobile data explores around 12 000 different parameters of data stored on a phone (SMS, contacts, social accounts data, searches and purchases, and even a music a user likes) within just several minutes and approves (or disapproves) a loan. In case it approved, MicroMoney immediately sends money right to a client’s e-wallet.

With the trends we mentioned before, it’s obvious that the banking industry will not stay the same anymore. Moreover, these changes give the banks the key to the audience untapped before — to the unbanked and underbanked people in emerging markets and worldwide.

M-pesa is used by the natives. They have in the village may not be TV, but when they go into town for food, they are calculated using your mobile phone. Bitcoin does in this respect, more opportunities, but in Kenya, the government supports non-cash payments, while in developed countries banks and governments are parasites on their currencies and fighting against any competition in the field of Finance.

I've heard of M-pesa before, does it accept bitcoin and other currencies as well? It would be nice if the mobile wallet can handle other cryptos in addition to bitcoin and fiat. At least they can convert cryptos during hikes so they won't be caught penniless during plunges.

Online banking is the thing now in Canada, US and several other people. As an associate of Bell Canada, most of our customers don't really go to their local bank to create some paperwork to send their payment, which is the case for the last decades. Also, the fact that almost everyone agreed to receive e-billing is a strong statement that we are tied to the digital trends today especially with our banking and finance. Bitcoin is a strong contender in the field of finance if, like M-Pesa, it is implemented with SMS and not just tied to the internet where it can only reach a certain point. Agree or not, our money is tied to the digital age, as we are tied with our smartphones and internet.

good point. cell phones are more ubiquitous than identification papers and personal computers in America, at least. i really dont know anyone under the age of 35 that doesnt have a cell phone, to be honest thats more like 70 or 80 now. if you want to use something that is tied to someones identity much better than a forgeable piece of paper, then this is for the best ;)

when we embrace microtransaction systems in the future, we will look at bitcoin as the model. but i dont think bitcoin will be the coin they use to implement this

I don't think so either, but neither do I think bitcoin is heading
for extinction.  And hell, I don't know anyone who doesn't have a cell
phone, and I'm acquainted with a lot of older folks.  They really are everywhere
and everyone has them.  I'm old enough to remember rotary dial pay phones
and it's astonishing how much cell phones have changed everything.

the day I see the native integration of Bitcoin into any banking application via their website or their mobile application I'll believe that mobile technology and blockchain Technology have truly changed the way that banking works. until then all I see is more ruthless extensions of their advertising campaigns and different ways to enable people to spend more money than they have and get lower Returns on their savings then they should be getting. make no mistake the banking industry is a massive scam and everything involved with it including its mobile applications exist just to further the scam and its ability to suck your average user in.

while you use your mobile phone to scan your check, and use your convenient quick pay system to send money to your friends, and use their convenient method of notifying you about your balance via your mobile application, the bank is collecting a massive amount of Interest by holding on to your money and passing less than 0.2% of that back to you, and that's only if you have your money in savings.


why don't you use the ultimate Mobile Banking technology and be your own bank with Bitcoin.

The main concern with smartphones are them being the weakest link in a chain, from a security and attack vector perspective.

It is known that many smartphones may have backdoors built into them which allow for monitoring/data mining/state surveillance. Here is an example of this in action:


Here's another example of smartphones not being the most secure platform:


There are other potential issues with smartphones in financial transactions.

There's a push for lower smartphone encryption standards by intelligence agencies. There's the potential for cellphone signals being wirelessly intercepted and decoded to mine passwords and other personal data. As usage of cellphone based payment and monetary transactions increase, the number of viruses and malware which target cellphone platforms are also likely to propagate.

Smartphones are very convenient. Whether they can realistically be secured is another question.

I must say being able to login to online banking on my phone has really made my life a LOT easier!

I can hardly remember when the last time I went to the bank, the banking system in the digital world was influenced by the system, maybe easier but we can not touch the real money :)

Indeed! Mobile phones and the internet are changing banking. No need to fall in line anymore for whatever transaction, passbook, etc. Automated teller machines (ATMs) already made an advancement in banking because we can do almost everthing there too, but internet banking pushed it even more. Now we can check our balance online, make fund transfers, pay bills, buy investments, apply for loan and many more. Now I only line up in banks to transfer money from one bank to the other (to save up the transaction fee) and for check encashment/deposits. Now we also have wallets for our cryptocurrencies, whicch basically can also do the same thing as pay bills, merchants and the like.

The proliferation of the mobile smartphones is changing the landscape of the online world. Right now, anybody can be online anywhere anytime as the gadget is now on our very own hands and we can bring it anywhere unlike with PC and laptop which can be bulky at times.

It is not actually banking that is being changed or disrupted by this mobile trend but also other industries as well. Right now, a business can have a mobile presence with the use of mobile apps and this is the same technology which many banks are riding on.

Can not avoid mobile phones and the internet is changing everything, not only the world of banking but also change all sides of life. In the world of banking itself these two things are very influential as the development of technology, to make payments now many applications based on "e-" such as e-money, e-food, and more. Now you do not need to go to the bank or post office to make money transfers, just open your mobile phone and use e-banking or mobile banking application. Very easy

This is just part of any evolution we are going to have. Usually i too am almost using phone to pay services such as electric bills and online applications. Almost all businesses have technology as part of there commodities. Even millionaires made there money from these technology that is virtual. Everything is in our pocket if you know offcourse what you are storing in our phone because its not always that these online services are working.

Technology means todays invention tomorrow it is old so "CHANGES ONLY NEVER CHANGE" Mobile phones and the Internet are not changing it is already changed the banking process and it is getting more organized.

I remember earlier I have to wait in queues for hour inside bank to transfer money now it is mater of seconds because of mobile and internet only.

We have to accept the mobile apps in Bitcoin so that it will be more comfort and more efficient.

In future If (sure) Bitcoin itself convert its activity into Banking style that the real need of moble phones and the internet.

Expecting the best results in Bitcoin using mobile phones and the internet are changing the banking.

In the era of all-digital today can not be denied that now more and more people who do all sorts of transaction activities using Internet technology as the ingredients. of course this can not be separated from gaget as a means of payment this is what makes more and more people make transactions with the Internet because of course ease in doing transactions with internet systems that can be obtained by crypto users. by doing all forms of transactions that use the internet is unnecessary things we spend money that is usually done in general. and now there are many people who come out of the banking system that they think the banking system is a system that brings too much more if compared with the existing crypto system is only if we do activities of crypto, of course we can not see the form of real money as in general yes of course this is because crypto is an electronic currency that can not be seen clearly.

It's not as simple as you think, wallets online can never replace banks, the e-wallet is really convenient and the electronic money is the same, but it has certain risks that are not absolutely safe, but the bank can handle it all so it can not be replaced.

I’ve been using online banking for around 7 years. In the beginning, I was doing transactions from my computer but nowadays I do everything from my mobile: checking accounts, transfers, buying funds, stocks... I even make my everyday payments from my mobile, instead of using my credit or debit cards.
This has brought about many people in the banking industry being made redundant, as many customers don’t go to their local branch to ask for those transactions for being done.

Mobile phones are common even in poor countries, so I’m not surprised this is happening even there.

This is good for us because people who use online banking are more likely to start using cryptos in the future, unlike traditional bank customers.

The growth and development and technology helps many individuals to make their lives more convenient and part of is the introduction of mobile banking system thru this you can do shopping and paying bills directly using your phone and internet connection it eliminates the process of going to the payment center just a click and all done and now online wallet for bitcoin is now offering such service called "be your own bank system" much convenient unlike other banks

Of course, given how all the people are on the go more and kore are integrating tablets and phones and laptops to give people more access to their accounts and their money while not being able to go physically to banks which is also a lot easier to people.

I still dont like doing personal stuff on my smartphone where google is like monitoring every one of our moves. Personally many of these news are propaganda news and FUD in nature but many are true as well. No one knows which one is actually true and not everyone of us can build their own smartphone for using. I prefer to use my computer to do online transactions though there is not much difference with that. But for banking and all I would rather do it physically by going to the bank even if I feel lazy.

,practically I am not one of those who disagree easily to a certain changes, specially in the economy. Yes it has really change the style of banking, although a lot of countries are already adopting this kind of method, which is online banking. Certainly it removes the hassle and time consumed in online instead of going personally to the branches of banks through different countries. New technologies also improved the ways of transaction in terms of currency.

I have heard of this in some African countries. it's good if technology is used and adapted in a way that you could make transactions easily between people. Of course, it helps in places where, such as little towns, where you don't have banks avaiable, and like this you can reach, and send or pay money with simple clicks.

Even myself dont really like to use mobile phone banking on which i do really personally go on my bank and make transactions and i dont really tend to use up or download any mobile banking app. I dont really like that monitoring thing which is really possible regarding on the new technology nowadays on which someone could able to watch us on our browsing habits or any personal stuffs.It may give convenience on most people but we should think on the thing regarding on its negative side which i do always presume and didnt tend to use it just for the sake of convenience.Its better to be safe than sorry.

Yes it is, since the existence of smart phones and the internet really change the world not only the banking system as combining this will be more productive. Who can imagine 10 years ago that you can use internet whenever and wherever you want in the world as long as you have an access to your smart phone with an internet in it.

And with some hacking events of financial monetary in ATM machines that is connected to any kind of banks with different kind of modus of criminals in the world of technology everyday by adapting any kind of malicious data or malware, and with that the security measures are heightened that resulted to much more reliable applications in mobile phones that you can store and use your financial assets.

I feel the same here.
Everything that has to do with money, I still do that with my main computer where I have not installed any unnecessary programms.
I don't even order things online with my smartphone. Maybe I am old fashioned, but I am still lacking trust in mobile phones.
Every time an app wants to make an update and asks for more authorisations that I really can not comprehend, I get suspicious about that.
My banking behavour has not been changed through phones yet.

In my country there were many cases when fraudsters install special devices on ATMs that read magnetic cards and remember the passwords to them. Then they made something similar to your card and took out all the money. If you are unlucky then you will lose your money and without a smartphone.

Yeah the people now are technology literate. that's why they are using mobile banking instead in going to their banks physically , internet also the internet contains all of the information about things. we can't actually stop that.

Smartphone can not protect you from information technology thief. In my country , some guys already has something like Apps SmartOTP SMS in smartphone for receiving SMS to verify when you want to withdraw money at ATM with your card.

Now a lot of new things and the high features are being the part of the bitcoin. Bitcoin is getting high in price so no worries now the bitcoin currency is the best technology and it is easy to transact bitcoin the bitcoin currency is very easy to move and to transfer from one to the other person because you can use it any time and it is easy to hold in your bitcoin wallet for the long time.

It is so amazing that anyone can log into their online banking on their phone now, oh how times have changed, we always had to go to the bank before smartphones and PCs cam in 2000's. ;D

In my country the world is the same. There is no big effect especially on banking due to mobile phones and internet. Yes I agree that transaction is ore easy through internet. It is one advantage of internet to the local community. Still many people do not use these ways for their trading and investment. In my locality almost all the people use the old ordinary methods of sending, receiving and investing.

I think you live somewhere in a rigid society, who don't accept the changes easily and follow the old customs and traditions. I was reading in a survey conducted on "the effect of modern techniques of communication" where I came to know that education is the key to the acceptance and adoption of new trends. I think the mobile banking has made it so easy to transfer funds to any desired account at anytime. These are something which makes life easy for us.

The ability to carry your bank around in your pocket, is truly mind blowing and revolutionary. We live in stunning and exciting times.

You are right but you also are aware of that internet and smart phones are not used by 100 percent people. For example poor countries like that of Africa and some of the Asians do not use the advanced technology. They often use their old methods of banking. They do not have the power to purchase such things and many places this facility of internet is not available. How can they use internet banking?

Yes, old methods of sending is their same ways of banking strategy same as investing. But for those who had discreet ideas about crypto currencies and with bitcoin including me, they've been doing online transactions. I couldn't specify how many are we but, those who uses it isn't revealed due to confidentiality and privacy.

Yes, from the day smart phone reached common people lot many advancements have been taking place. Smartphones from the beginning has been playing a major role in the Internet related and banking systems. As a part now most of the users keep hold of the bitcoin using mobile wallets. Same time there are several scam wallet servic lenders. One among the recent days scam is the bit.ac

For a while, I have also found the ease of using mobile banking.  Paying bills is just on a snap and almost everything is at the top of our fingers.  So, this application is usually useful nowadays. 

Yeah it's true we are not needing any physical cash anymore. The more the digitalised one become the more they come in contact with digital devices. Who ever thiught that we could just send money and receive money from our smartphones? That's just ridiculous to think and if our grand grannies and grandpas see this change then they might not believe. Sometimes it just becomes difficult to think the advancement that we have made all through these decades. It's really cool.


With blockchain we might just see whole new era in the future. The banking is working on the swift right now which might just get collaborated with blockchain. That would be better to see.

Mobile banking are introduce because the increasing need for a bank that is available any time is really high nowadays and since the technology needs to adopt with the growing demands banks are now taking a step to become more accessible for its client, I will not be surprise if time will come tellers and  other banks staff will be gone because system are now doing their works. Now that crypto currency was introduce it gives more reason for the bank to make their system more enhance because on-line wallets are now trying to replace them.

It is not good to become so disappointed that early my mate just waits for the convoy of the bitcoin users, each day a new member is getting into the convoy of the bitcoin. It is getting more high and it is for sure soon it will become the legal currency and at that time all the banks will have to accept bitcoin and to invest in bitcoin so it is the right news  just wait and watch.

Yes i agree that the Mobile and Internet banking wont be the same after few years, as it is evolving and developing year after year. Before few years internet banking was not used by many people but today even children of 15 yrs are great in operating it and the credit goes to Smartphone and Internet. Even i am using the internet banking from past few years and i can see that people are really moving fast with the fast moving digital generation, let's see how does it moves and improves in future.

Mobile phones and the internet are definitely changing the banking industry. Central banking system is getting thrown out the window in replace of a new one.

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

Mobile phones and internet are changing the banking and finance industry, newly developed countries most in Asia are rapidly adapting this mobile banking bandwagon but the widespread of mobile banking has also a threat to personal and financial security where most mobile devices, routers and other internet  devices are came from China. There are rumors that some Chinese chip manufacturers for mobile devices are injecting malicious codes or programs that can track your activity and can sniff your personal data like passwords, banks accounts and contacts, we don't know how true it is but if it is the case, this is the Chinese biggest secret weapon, the data invasion.

it is a good option for you and i think if its be done in other country then we can changing the banking services although its far beyond from now but i am sure that in future, we can do this with easy. it is good for us to know that there is a wallet that could convert our bitcoin to our local fiat and send the amount to our bank account or our debit/credit card so we don't have to difficult to spend the money. we just only need to use our debit/credit card to buy something.

In some debit cards, you no need to do anything just send bitcoins to that wallet and can go to ATM to withdraw your money. In XAPO account you just send bitcoins and then you can straightway withdraw money without any additional work like converting into your local currency. They automatically deduct the fee and other conversion charges from your account.

...

I would like to re-iterate the above and mention that while backdoors on smartphones haven't yet been used to steal financial details of the 700 million+ phones it affects. It may only be a matter of time before that becomes a real issue.

There are cases of scam and theft involving crypto but for the most part those may be a handful of cases and a limited occurrence. Its probably nothing near on the scale of magnitude 700 million people potentially being scammed/robbed via cellphones could rival.

WARNING KLF WAS HACKED last month, please do not trade this guy !!!    , proof https://imgur.com/a/LEagy  DO NOT TRADE !

Too many convenient in the mobile phone services will lead to the unsecurity of your bank account when your mobile phone is lost. In my country there is an app that can transfer money from this account to other account without a password ( cause the owner use the option " Always remember password". Then the thief takes away his mobile phone and his money in bank account. So you should need at least 2-FA code protection. Make the way to your bank account more complicated for security.

Banking is not only in the banking from the banks anymore because you can do more advanced banking by having cryptocurrencies. Cryptocurrencies is one of the best way to have banking because when you put money in cryptocurrencies then you will have a chance to grow it with a higher interest rather than the traditional way of banking and it can be all done using mobile phones and internet only.

I think in this modern age of technology, almost all of us are looking for more comfortable ways of handling the things. And there is no other better way to handle the things especially money than sitting in your room in front of your laptop. Internet has no doubt made our lives very much comfortable.

Yes it is best options for me now and they're customer services deserve a thumbs up. Never have an issue with this pattern of cash out for me. You can do it in fraction of time, less transaction fess and so much option to choose from. They're confirmation is instant from converting, receiving and cashing out. It was good to have it on phone for mobility. Banking system and technology works best with bitcoin.

I do have an idea on what local wallet you are using because i do have the same experience too on my local wallet.Once i recieve funds on bitcoin form i do easily convert it on a matter of single click then it exchange to local value then you can opt out on cashouting it without or less fees involved and that transaction would only happen on a single day depending on the confirmation of such withdrawal.

There are always pros and cons to everything. Right now bank and financial institutions are still developing ways to make sure that our money will be safe but scammers and phising sites are always creating new ways to get account  information. I think they also need to intensify their customer education on how to avoid scammers.

Yeah man I cannot tell you how many times I have logged into mobile banking on my phone and it has been a life saver for me many times. :P

In my country, the application has been removed for many mobile phones in the near future and I am now using banks with mobile phone application. Crypto money is also next to them. I think we can do everything that is safe from mobile phone to mobile phone. But sms service sending money for now can not possible . Mobile is save your time about ttransfer or pay your bills

The fast changing times called for fast changing trends especially in the digital world. With this, they also adapted the way people do things, if you come to think of it, this paved the way for convenience for many. In this term, Online and or Mobile banking had been a great convenience. Since people don't have all the time to do things. In mobile banking, you can pay your bills and transfer funds to another account. All without leaving the comforts of your home.

with the current internet makes it easier for us to do something. including in the affairs of the bank, we easily make transactions wherever we are as long as there is internet connection, this is what makes the emergence of new innovations in the form of digital money that we know with bitcoin at this time. bitcoin to make money transactions that we do easier.

I think with the advancement in technology, things will keep on changing and we’ll be able to see such a wonderful things like online banking and stuff like that. It is a very good idea and we must appreciate it. I think with the evolution of mobile phones and internet, we can do almost anything related to banking by sitting at our own homes.

One of the greatest evolution of these new technologies today and some banks are adopting with it but the greatest invention ever made is the bitcoins since we are able to earn even if we just leave our balance in our wallet and also we can transact with it globally without government traced out and tax payments with our transactions.

True. Even before the blockchain, computer and information technology is being used in banking systems and they have greatly change the way of transactions and payments. The blockchain technology on the other hand is a system that shocked the world because I think even the online systems of banks didn't expected that such technology will exist and this will wipe out the entire system and make it to the whole new level.

Maybe sir or maybe not. I’m using coins.ph wallet sir. I don’t know if it serve any other country than Philippines. Yes sir, it’s all instant. We even have option for cashing out on one bank that we don’t have to pay and it also card less . I also mean cashing out instantly is, 10 seconds interval from sending to my wallet to my MasterCard. It looks unbelievable right. Maybe for other country or maybe we are lucky to have this service for now.

New technologies make the banking transactions much faster now. You can deposit and withdraw money in your account through internet connections. Aside from that, there are online wallets available now which are more accessible than those bank accounts. Online wallets made it possible for paperless storing and transactions of your money which is very convenient for very busy people.