Abstract
When Telcos Become Banks: Sociotechnical Control in Mobile Money
Highlights
We have heard much about the potential of networked communications to design alternative monies and payment systems in recent years. Innovations such as cryptocurrencies, peer-to-peer lending schemes, mobile remittance and microfinancing solutions are often presented as technical fixes to many of the problems associated with money proper: “Can’t gain access to affordable credit? Suffering the fallout of a commercial banking crisis? PayPal blocked your account because they don’t like your politics? There’s an app for that!” The potential for technical innovations to make our money otherwise or to support the collective management of money is exciting, but this paper looks at the convergence of networked ICTs and the future of money from a different perspective. Alongside these grassroots innovations in money, many powerful stakeholders in the communications space such as Internet service providers, mobile network operators and social media services are expanding their interests towards money
Telecommunications companies, mobile network operators, handset and hardware manufacturers, operator billing providers, software providers and social media platforms all play a significant role in the future of electronic and mobile payments
What are the implications of this convergence for the culture, political economy and governance of future monetary systems, when agencies that control the flow of information control the flow of value? How will the political economy of mobile networks- from algorithmic systems, through to handsets and radio access infrastructure - shape the geography of access in the mobile payments space and, in turn, the future of money?
Summary
Firstname Lastname 1,*, Firstname Lastname 2 and Firstname Lastname 2 (M_author). E-Mails: author1@email We have heard much about the potential of networked communications to design alternative monies and payment systems in recent years Innovations such as cryptocurrencies, peer-to-peer lending schemes, mobile remittance and microfinancing solutions are often presented as technical fixes to many of the problems associated with money proper: “Can’t gain access to affordable credit? There’s an app for that!” The potential for technical innovations to make our money otherwise or to support the collective management of money is exciting, but this paper looks at the convergence of networked ICTs and the future of money from a different perspective Alongside these grassroots innovations in money, many powerful stakeholders in the communications space such as Internet service providers, mobile network operators and social media services are expanding their interests towards money. The landscape they are helping to shape is a very different to the one imagined by peer-to-peer and money activists
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