There are some things that, counter-intuitively, should not be a disqualification for mobile financial products. For instance, mobile financial products should not be for small amounts only - it is quite fine to do this for big value tickets too. As a matter of fact (if properly deployed) the phone could be a nice security enhancer for large value financial products.
The following is my list for characteristics of mobile financial products.
- Should be real-time products. Balances should be up to date all the time and any transaction should be applied immediately.
- Should be identity dependant. The ownership of the product and the identification of the ownership should be central to the product. The mobile phone carries identity best.
- The product should be dependent on some dynamic element. Transactions/payments that can be run against it or prices/exchange rates that change. Long term products where nothing change are better suited to paper. (takes less electricity)
- Information display and input fields must be limited. You do not want to complete a few page application form on a phone.