Friday, July 15, 2005

Phone Card Currency

Via BBC News
Imagine a cyber currency that is inflation-proof, and can be sent anywhere in the country at the press of a button, without needing a bank account or incurring high bank charges...

Safaricom , Kenya's largest mobile phone company, Safaricom has more than two million users, unveiled a new service allowing subscribers to buy prepaid phone cards which then enable them to transfer any selected amount of surplus minutes to other subscribers, using text messaging. These surplus minutes can be traded virtually for any service or commodity. Imagine paying for bag of flour with surplus minutes!

This creation of a global market of millions of individuals with tiny buying power, is a classic example of how the fortune at the bottom of the pyramid in many developing nations can be tapped, for the benefits of both the entrepreneurs and the consumers.

Readers may want to check out CK Prahalad's book: The Fortune at the Bottom of the Pyramid featured in: "My Book Shelf" on the right sidebar.

There is indeed fortune at the bottom of the pyramid!