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July 23, 2012


Bud Byrd

Mobile money, using a hand-held device, can only be successful when the mobile instrument has many of the characteristics of a dumb, generic, freely discardable and quickly replaceable device.

The major intelligence, security and operability characteristics must be held remote from the small device carried in your hand. Otherwise, mobile access using a product that stores the needed applications, the security infrastructure and many of the personalizing aspects of the current line of smart-phones, leaves the user vulnerable to online theft and the debilitation of a drawn-out replacement process if a lost intelligent device.

Loss of the mobile phone that functions as money is more problematic than loss of a credit card and its one call cancellation process. The personal device loss opens up, for the user, a myriad of expensive, inconvenient and red tape-laced bureaucratic recovery procedures created by service provider business practices and the many levels of government oversight. Protection of personal assets and the physical, electronic, cumbersome, and expensive service provider practices will defeat any utility that mobile money may bring.

Global access to mobile money cries out for a transparent, secure, singular and/or completely inter-operable 'cloud' ...a potential saving grace. Until that is accomplished, it will take infinite runway to get mobile money off the ground and into wide-spread use as currency to be used in the purchase of goods and services.

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