INTRODUCTION & OVERVIEW How was money transferred before? The challenges with the old system
The need for a better money transfer system
TRENDS IN MONEY TRANSFER Internet Money Transfer services
Money orders through a Third Party Provider
THE QUEST FOR A CASHLESS SOCIETY integration of Mobile Technology with the large unbanked population
The partnership of Telecommunication companies and financial institutions.
MOBILE PHONE AS A BUSINESS TOOL The greater majority cell phone users In 1947 the tele-density in the country was 0.47 per cent which increased to 4.7 per cent in 1997 in fifty years. But after that within 14 years, the tele-density has now reached 70 per cent.
Bridging the gap between the “unbanked” and mobile phone users
WHAT’S IN IT FOR US?
MERITS OF THE MOBILE MONEY TRANSFER SERVICE Reduction Cost of doing business
No need for a bank account
MOBILE MONEY SERVICE PROVIDER TELECOM COMPANY
MOBILE MONEY FRAUD MANAGEMENT SOLUTION Transactions pattern control Profile changes control and alarms Transaction volume alarms Transaction origin and destination alarms Compromised point and customers hotlists
Other relevant validations
MOBILE MONEY SERVICE PROVIDER FINANCIAL INSTITUTION
INDIA POST LAUNCHES MOBILE MONEY TRANSFER SERVICE The service will be operated by DoP with technological support from BSNL. service has been launched between Punjab and Bihar Postal Circles.
Procedure for sending and receiving the money.
Accessibility of the service
THE WAY FORWARD Increasing outlets of partner institutions into the rural areas
Recruiting more Dealers/ Agents merchants/vendors
C ONCLUSION “ mobile money transfer services has the potential to positively impact the Indian society. It is about time we embrace the system so as to enjoy a stress free environment for handling financial transactions and increase productivity on the whole” .