Internet entrepreneurs take on financial services giants to give more consumers a greater range of choices in money management

In South Africa, an estimated 13 million people — 27% of the population — are currently without bank accounts. Simultaneously, 94% of the adult population possess a cell phone. Just as M-PESA realized the potential for mobile technology to bring banking to the masses at low costs, the Branson Centre of Entrepreneurship and Forus Financial Transaction Services will similarly be launching the Mahala Free Banking Platform in May 2011.

Canadians will soon have a quicker way to make purchases through the use of contactless payment cards that will enable customers to tap-to-purchase their items at the check-out instead of punching in pin numbers the traditional way.

The Interac Association, a not-for-profit organization that gives Canadians automated banking and point-of-sale debit purchases, is introducing Flash Cards that will use RF smart card technology and will bring customers a speedier experience at the check out. The first two Canadian banks to get on board with these new generation of cards were Royal Bank of Canada and Scotiabank.

Tap and wave: A mobile phone can be used as a “contactless” credit card, thanks to a case containing an RFID chip that uses Visa’s PayWave system. The user taps “pay” in a dedicated app, then simply waves the phone near a reader installed in a store.
Credit: Visa

Mango Money Center is a bank for people who hate banks. At Mango, you won't find stacks of deposit slips, tellers behind bulletproof glass, or loan officers in suits trying to talk you into refinancing. Instead, money "coaches" in bright orange T-shirts welcome you into the open, spare store and direct you to one of the self-service kiosks. Mango was developed as a simple way for the 60 million Americans who don't have bank accounts to interact with the banking system in an easy and friendly system; an attractive alternative to the check cashing or payday loan stores that the "unbanked" traditionally have to use. But, with its paperless system and emphasis on mobile and online banking, Mango might be the future for those who already have bank accounts as well, but are sick of banking as usual.

FORTUNE -- The financial crisis that destroyed some of the world's biggest banks and sent others to the brink of failure have changed Americans' idea of lending and borrowing. While most still seem to have no problems storing their money at banks small and large, a few trends indicate that everyone from consumers to some of the world's largest companies are straying away from large financial institutions as sources of funding.