A new way of Banking that is growing in popularity in especially developing countries is mobile banking. People can simply transfer money using their mobile phone to their friends and family. The advantages are numerous, but most importantly:

· You don’t need a bank account
· Costs of money transfer are lower
· No queuing for bank offices anymore
· No need for bank cards anymore
· It’s safe and secure

Again an example how innovations in developing countries can leap-frog our western way of banking. How does it work in reality? Check this video of M Pesa in Kenya: