Money Will Move to Mobile Phones, Says Transferwise CEO ({{commentsTotal}})

Ten years from now, people's money will reside in their mobile devices, says Kristo Käärmann, founder and CEO of Transferwise.

“Ten years ago money was primarily thought of as cash in Estonia, few continue to think like that now,” Käärmann told Õhtuleht in an interview on Saturday.

Money is currently the balance on a bank account or a bank card which can be used at a shopping center, he said.

Käärmann said in ten years money will have moved to the next level and will exist in mobile devices, which will make moving money more convenient.

More new companies and services such as his Transferwise, which helps people avoid bank fees for international transactions, and peer-to-peer loan broker Isepankur, now known as Bondora, will continue to pop up, Käärmann said.