While mobile money is having an impact all around the world, it has failed to take off in India, where fewer mobile transfers take place than in Pakistan. But with developing countries embracing mobile payments, particularly in Africa, why hasn't the same happened in India?

Despite having one of the highest poverty levels in the world, sub-Saharan Africa is the world leader in mobile financing. Mobile money transferring services are available in 36 of 47 countries in Africa, with more active accounts than anywhere else in the world.

As part of its Uncarrier repositioning, T-Mobile is launching into the banking business with a pre-paid debit card and banking app. But if people aren't willing to trust banks with their cash, why should they trust a telecoms provider?

The Indian smartphone market grew nearly 190% in the first quarter of 2014. But this boom isn't being driven by the big players – it's home-grown brands like Micromax, Karbonn and Lava. Cost is a factor, but are there more meaningful reasons behind people’s smartphone purchases?