Tom Limongello Sr Dir Business Dev, Crisp Wireless
Sacha Tueni Group Mktg Mgr Social Networks & Strategy, Vodafone
Ajay Revels Design Researcher, Politemachines
Guillaume Lebleu Sr Principal Systems Architect, Diebold Inc
Kyle Outlaw Sr Information Architect, Razorfish
Katherine Maher UNICEF
Kyle: razorfish. Specializes in mobile application design. Some financial services: citi, morgan stanley, t rowe price.
Katherine: unicef, columbia university. Nutrition monitoring system. Track back to ministry.
Japan/ Korea: contactless payments, pay for subway. Most radical: africa (eg impeza not created by banks, by telecoms to enable people to become banks).
Impeza using basic feature phones.
Customers of impeza using airtime as curreny.
3 themes for talk: 1. trust. "lube" of global econ 2. transformation. Money concept is transforming - will not come from banks. 3. Trickle up.
Stand to learn from emerging markets. Most innovation is coming from emerging. Working around constraints. 2 billion unbanked individuals, 1b have a mobile, 50% have access to services.
"any expense * the African pop (unbanked pop) is a big expense." - clay shirky.
mobile payments!=mobile banking - banking assumes preexisting infrastructure
mobile payments = mobile wallet
GSM coverage in africa is higher than electricity coverage.
services: individuals transfer money, consumers pay merchants, entrepreneurs pay labor.
How will the concept of money change in the US? 3 types of currency: Community, fiat, credit. tom: gowalla, ratpack have a token based economy. Attractive to US unbanked (kids).
Tom: iphone announcement - subscriptions possible within apps.
Trust - Ajay: 2 things going on: boom & bust (who do you trust in each). Once upon a time, people would create things: crafgts - surplus goods, services, skills, local.
Ajay: move to trade. Cargo, relationships, loans. In the trust scenario is low - interest is premium on risk.
bank: fx, trust, bond, credit. in the 1600's (some history): dutch had merchants around the world in diff currencies. Italians came up with loans. Brits deposits. Can't make a transaction without trust.
Greed: (pic of jim cramer and martha stewart): expensive, mistrust, destructive.
Who are players in the bust side? Feature (devalue, relationships, future), shut (houses, insurance, stock),pain (skills, relatiohnships, surplus), hope (airdrop, new start, share)
What now? At the bottom, we reinvent economies. Re-deploy trust. credo (local, trust, tangible).
transition towns: no more oil, credit, globalization. Common in the UK. developing own currency.
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cell (jobs, fx, security). in developing countries, BoA wants us to think of the mobile device as an ATM machine. Craft (new skill,s new services, new surplus).
transition towns are actually backed by pounds sterling.
How can social media mitigate trust issues? Sacha: currency is only a promissory note - what happens when trust disappears? One option for substituting money - airtime minutes.
Voda - $60bn revenues, 10% (assumed) = $6bn in currency. (leaves $56bn in bail out).
openmoney - technology can reduce the barrier to entry. Several companies already: twitpay, tipjoy, smava, paymo, mpass, smartfundit, zopa, mopesa)
bryanhurren
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