Life Insurance by SMS

Company is South Africa is offering life insurance by SMS. Service is called Cover2go.

The service costs around R10 (approx $1), which is deducted from the phone's airtime and provides instant life insurance for six days, paying out R60,000 (approx $6,300) in the case of accidental death.

"Common perception is that life assurance is a luxury that's unaffordable and complicated to obtain. With Cover2go, people can get basic cover instantly, at very affordable prices, when they need it most," says Derek Pead, CEO of Cover2go, a division of Metropolitan Life.

I cannot imagine that service as such will not be available in the US in a near future! Klem

Filing your income tax by SMS

I know that it is past April, 15th but I came accross an interesting info.

Manila Bulletin Online reported that Bureau of Internal Revenue in the Philippines offers a service called Paybir.

This is unique and could be the first in the world where a taxpayer can pay his income tax through a text message without going to the BIR or a bank."

I hope that US markets, and especially the carriers recognize unlimited possibilities of SMS - Klem

Cell Phones as Debit Cards

Belgian firm Banksys specializing in electronic payments, said on Tuesday, that within a few months, customers will be able to use their cell phones as debit cards.

"Using text messaging, the payment system will allow consumers to pay anything from six euros up to the limit of their bank account" said Chief Executive Vincent Roland.

Also, in what is being touted as a world first, Kenya's biggest mobile operator is allowing subscribers to send cash to other phone users by text message, The Guardian reports.


Known as M-Pesa, or mobile money, the service is expected to revolutionize banking in a country where more than 80% of people are excluded from the formal financial sector.

I believe financial sector in the US, is huge, and so far unrealized opportunity for mobile technology, as well as financial sector companies.

Donations, small payments, deposit and payment alerts are just a few ideas that could be implemented. However, due to costs and regulations, donations payments and money transfers might be hard to established.

I really want to buy my morning paper and coffee by sending a text message.

Klem