Hum... I don't really believe in this project.
First the target is mainly people without internet, and if they don't have internet they don't know and don't have any interst in cryptocurrencies.
Second, nothing new comparing to the credit card, and anyway everyone having crypto has internet so...
Third point is, does the SMS can communicate with the application and it is secure ? Update the account for exmple.
Also, if you want to pay something in a supermarket which don't have internet either, how will it work and how long will take a transaction to be confirm?
Facebook managed to provide access to it's network to the African countries in 2000's. They didn't know they had internet, yet they used FB
mCoin may do a similar thing