The mobile payment revolution

Travel to a rural village in any developing country and you're likely to encounter infrastructure deficiencies. Electricity, running water and sanitation are often rudimentary at best. However, walk down a rural main street and one modern convenience will immediately jump out -- mobile phones.

During the past decade, access to portable phones has taken off. According to the World Bank and the GSM Association, the number of subscribers in developing countries has risen more than 500% since 2000. Today, global mobile connections total 4.3 billion with about 67% in emerging economies.

Furthermore, a World Bank report found that the direct benefits of portable phone access include economic growth, job generation, productivity increases and higher tax...