Cell phones have had a profound impact on a number of different industries, helping to develop new communities and business networks in economies on a global scale. Not only are these devices able to connect people to their customers in a new way, they also allow those from different socioeconomic backgrounds to engage in consumer behavior without traditional financial institutions to help them.
Cell phones help instigate and encourage economic growth in developed and developing nations. Increasing the access to and usage of cell phones, as well as the speeds with which people can connect with one another, helps improve the efficacy of businesses. Because of this effect, cell phone usage can be tied to a number of improvements in the GDP values of many countries, while also increasing their per capita income levels, according to Quartz.
Additionally, cell phones have allowed the development of certain types of applications which can convert text messages into transfers of money. This can supersede the need for more traditional types of financial institutions, such as banks. In developing countries, this means that people with access to cell phones but not to traditional banks can now act as consumers on national and global levels.