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Ina Fried Oct 16
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Gates Foundation is giving away mobile wallets software

Gates Foundation deputy director Kosta Peric focuses on bringing financial services to the world's poor. Photo: Gates Foundation

The Bill and Melinda Gates Foundation is offering the software needed to power mobile wallets free of charge as part of an effort to bring more financial services to the developing world.

Why it matters: Mobile wallets have proved a huge hit in a few places, such as Kenya, but there are many places without access to phone-based banking, and the lack of interoperable software has kept a cross-border system from taking hold and left even successful efforts isolated.