Recently M-PESA, a mobile money service for the African continent, proclaimed that nearly 31% of Kenya's GDP flows through mobile phones. Now that's a phenomenally disruptive development in a rather unexpected corner of the world.

Nearly 70% of Africans have no access to banking and 70% of them already use mobile phones which is why mobile money services struck gold there. Often mobile telephone is the only service you can count on in Africa.

Now what does this move foretell for the developed and rapidly developing economies? Mobile money services are yet to make an impact here and that is partly due to lack of integration with traditional banking services. We already have a system in place and legacy fixed line based banking (payments through credit and checking accounts/cards) have delayed the adoption of these new age services.

Nevertheless, innovative approaches such as Square ( http://www.squareup.com ) are bridging this gap and breaking the ice for Mobile Money.