Financial Services (105)
Money-counting app for the visually impaired
LookTel has created an iPhone app that allows for the visually impaired to know the amount of money that they are holding.
Why it matters
Technology is helping people live a more independent life. Not only is there technology that makes the iPhone accessible to the visually impaired but further applications that focus on these users and improving their day to day lives.
One of the biggest challenges that poor urban entrepreneurs face is lack of access to capital. Banks and financial institutions are hesitant to lend to these individuals due to credit risk and small money lenders charge almost usurious interest rates. State Bank of India has developed a unique model where small sums (sometimes as low as $100) are loaned to individuals who form ‘Self Help Groups’ that together add up to a significant corpus. The bank benefits because the default risk is spread across multiple individuals in same social circle. Additionally peer pressure helps to prevent defaults.
With the rise of mobile penetration, brands are trying to tap into M-commerce, but finding a seamless user experience has been difficult to achieve.
A start-up named Clover may have found a solution. They’ve created a one-click mobile application payment system which only requires entering your phone number and a PIN to authenticate the user and purchase.