(d)  Successful transition to a cashless society may present a big challenge to successful mobile phone money transfer service providers, regulators, and the economy. Ladies and Gentlemen: I would like to reiterate that while the Central Bank welcomes innovative products, it evaluates all such products to ensure safety and efficiency concerns are adequately addressed.
In the end, huge amounts were placed in emerging markets in the 1990s by mutual funds, pension funds, financial institutions, and their clients, evidently without full appreciation of the risks involved. Moreover, many banks in these emerging markets were also taking large risks.