As per the Economist of Sep 26, mobile phones can, if allowed, become banks. In Kenya, telecom operator Safaricom has launched M-PESA, a mobile money service, in 2007, and it has changed lives. Money can be transferred via sms, quickly, efficiently and cost effectively, without needing to set up brick and mortar branches. This is inclusive banking! Why has India not adopted it? Because of 'security concerns' (what if terrorists use it to transfer funds for funding their operation?). This concern is easily addressed by setting a limit on the amount transferred; just as ATMs have a limit on withdrawals.

Mobile phones are also being used by farmers, e.g. to turn on/off their water pumps, through a device called Nano Ganesh.