Why Digital Money Hasn't Taken off in the Developing World

About a year ago, our team at Regalii launched a mobile money solution for the Dominican Republic, allowing immigrants to remit to their families in Latin America through digital money.

Rather than sending physical money, our solution leveraged SMS messages with an SMS received representing a cash credit at grocery stores in the Dominican Republic. An SMS recipient could go to a retailer to redeem it for products to be purchased.

In building, launching and marketing the solution, I learned some valuable lessons regarding mobile money, and despite its promises, the reasons why it has not taken off throughout the majority of the developing world. Below are s ...

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