Co-opetition and cashlessness: Why we need redundant infrastructures
- October 7, 2013
- A blog post by Bill Maurer, anthropology and law professor, IMTFI director and social sciences dean, is featured by GSMA's Mobile Money for the Unbanked October 7, 2013
I have been using cash this weekend. Exclusively. On Thursday, my credit card was skimmed at a neighborhood gas station. Within 9 hours, the thief had charged up over US$800 at stores and gas stations all over Los Angeles. By looking at charge times and locations, you could almost imagine him or her on the freeway, driving from store to store, seeing how far and for how long my card would go. The experience taught me an important lesson: even in my relatively cashless life, it’s a good thing I have options. I have options because of redundant infrastructures. And I have access to redundant infrastructures because the payments industry in the developed world has relied on co-opetition—cooperative competition that ensured the rapid growth of the card networks and other payment providers. There’s a lesson here for telcos getting into the business of mobile money. [Bill Maurer is founding director of the Institute for Money, Technology and Financial Inclusion, funded by the Bill and Melinda Gates Foundation, and co-director of the Intel Science and Technology Center in Social Computing.]
For the full post, please visit http://www.gsma.com/mobilefordevelopment/co-opetition-and-cashlessness-w....