Pakistan's Mobilink (i.e. Nation's largest telecom with approx 40million customers) has long been providing this Service/VAS as MobiCash. The ppl commenting here in forums think that just because its in third world it just has to be a flop or fated for flop .. where as they should know that...
1. Pakistan govt has implemented legal binding that such telco must own a legally recognizable bank. Here Mobilink owns WaseelaBank.
2. Computing is not done over normal servers but specially design, procured and hardened for.
3. The SMS is not everything ... u pay cash to any shop may it be MobiCash's franchised tuckshop, grocery shop etc, pay there the cash, a receipt is given then and there, there is no creditcard/debitcard involved to debate safety... the code is generated and the collector anywhere in Pakistan can go to nearby MobiCash's franchise tell/show the code and National ID card that franchise pays the cash. upto 30,000pkr is daily limit and Mobilink is providing it for years.
I have just given the bird's eye view ... there are more layers to it for example i forgot to tell .. all the SIMs have been tightly binded with biomatrically verified customers in a recent nation wide massive project.