alt Hacker NewsInterestingly in a number of African Countries (Uganda, Kenya, Tanzania etc) , we have “Mobile Money”, Payments are instant, via USSD, no internet required, I can even pay online using USSD push.This is a classical example of humans using what they have to build what they need , no fancy internet enabled smart phones required. I can send money anytime instantly to my grandma deep in the village. She can withdraw from or top up her account in the numerous mobile money stalls that are everywhere. You pay school dues, medical bills , groceries via mobile money. I don’t remember the last time I visited a bank, hell I can even get an instant loan by just dailing *165# on my no internet feature phone.
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Are you referring to m-pesa?
the mobile money while convenient r not exactly secure due to MITM.
That's still a man in the middle coordinating the payments (mpesa, etc...) and essentially holding both sides of the transaction. When you send money to somebody with mobile money you're sending it to the mobile network operator who then let's the other person know so they can move the money to somebody else (or cashout or leave it there).
It's not really a federated system because you can't for instance send money from mpesa in kenya to a different provider in uganda.