MYTC works by transforming your mobile phone into what’s called an “e-wallet”, or a virtual account that even the smallest purchases can be made by. Rather than carrying cash, the user simply has to charge money to their ether account, which can then be exchanged with other mobile users connected to the ecosystem. Users, in this case, could be anyone from a family member, to a supermarket, to your cable provider. The possibilities are limitless, as long as the user or business is subscribed to the service.
This will have huge potential in countries who barter and trade (large upcoming nations BRIC Nations), as smartphone usage is set to rise drastically in the next two years, making MYTC a viable option for a majority of the region’s population. Most of this potential market success is based on a mobile technology known as NFC, or “Near Field Communication”. NFC allows smartphone users to exchange data, or in this case funds, from one user to the next by being in close vicinity, or physically tapping the phones together.
Spain’s Telefonica, Visa, CaixaBank, and Gemalto are currently on the front lines of the latest release in NFC technology, which will, by our bet, be the impetus for a major wave of digital money into the cash/barter based market within the next few years or so. One of the best things about MYTC is you don’t need a bank account to access it. This gives it massive market opportunities in all parts of the developing world, where businesses will now have another viable payment option, safer than cash, and nearly as readily available. With smartphone use outgrowing bank usage at a rapid pace, it’s the next logical step in further capitalizing on the growing purchasing power in the region.