This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
State of mobile banking in tanzania andIJNSA Journal
Mobile technology offers an unprecedented growth opportunity for banking industry in Tanzania. As the
economy continues to prosper, increasingly affluent consumers and underbanked segments create demand
for new financial products and services. Many consumers in Tanzania have mobile phones, but not bank
accounts. Therefore, the mobile channel presents an effective way to connect them to the national financial
grid. For the local banks, going mobile may increase banks opportunities to unlock the inherent potential
of underbanked segments. This paper addresses the current state, future prospects, and security challenges
to the usage of mobile banking in Tanzania.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
IS THE WORLD READY FOR CASHLESS CURRENCYMadhavGupta75
A cashless economy is one in which the majority of monetary transactions occur electronically through debit cards, credit cards, net banking, etc. And the physical cash circulation is minimum. The cashless economy has benefits of prevention of money laundering, deter shadow economy, increase the tax base and compliance and convenience for customers.
State of mobile banking in tanzania andIJNSA Journal
Mobile technology offers an unprecedented growth opportunity for banking industry in Tanzania. As the
economy continues to prosper, increasingly affluent consumers and underbanked segments create demand
for new financial products and services. Many consumers in Tanzania have mobile phones, but not bank
accounts. Therefore, the mobile channel presents an effective way to connect them to the national financial
grid. For the local banks, going mobile may increase banks opportunities to unlock the inherent potential
of underbanked segments. This paper addresses the current state, future prospects, and security challenges
to the usage of mobile banking in Tanzania.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
IS THE WORLD READY FOR CASHLESS CURRENCYMadhavGupta75
A cashless economy is one in which the majority of monetary transactions occur electronically through debit cards, credit cards, net banking, etc. And the physical cash circulation is minimum. The cashless economy has benefits of prevention of money laundering, deter shadow economy, increase the tax base and compliance and convenience for customers.
Presentation on Is India ready to go Cashless?Rekha Rani
This presentation is all about giving an idea about the cashless economy. This is mostly popular after demonetization. This ppt gives an information about the pros and cons of the cashless economy.
Payments Market in India, Mobile Wallet, Mobile Payments , Evolving Payments Ecosystem, Payments Industry , Payments Bank , Payment Gateways , Mobile Market, Payment Methods
M-PESA is a mobile based transfer of money between customers, facilitated by network of retail agents. Kenya is the first country to have adopted M-PESA where the model witnessed huge success and is contributing big way in enabling financial inclusion in the country. Deployment of M-PESA in India can bring similar benefits as experienced in Kenya. Growing mobile penetration in rural areas would ensure that people are able to benefit from mobile based money transfer concept. Indian regulatory system has also been gearing up to allow technology benefits in enabling financial inclusion, developments are only at introductory stage.
how the idea of cashless India got importance and the steps towards cashless India. challenges for cashless India and how far it is possible to achieve.
Indian model of financial inclusion: Will Mobile Payments lead the future?TechvibesKnowledgeCenter
The thought paper aims at exploring the Indian model of financial inclusion vis-a-vis potential in mobile payments. The study falls back on the trends in Indian ICT story to pitch a case for use of mobile payments technology in RBI's drive to achieve financial inclusion.
Huge thanks to Mr. Kyung Yang Park, CEO Moca Pay (moca.co.kr), on being a guiding force during the course of this study.
Also, thank you Manu Gupta for being the sounding board. Your brutally honest comments have given this study its final shape.
- Anshuman Chaturvedi
Consultant, Founder, Techvibes Global Services
Which societies are going cashless, and what models are they adopting? How can technology support governments, consumers and merchants in going cashless?
Smartphones & Mobile Money: Principles for UI/UX Design (1.0)CGAP
CGAP holds that Smartphone interfaces are likely to become the main interface for mobile money use. A well-designed interface will drive growth, profitability, and a much improved user experience. This presentation outlines 21 principles for UI/UX design.
Presentation on Is India ready to go Cashless?Rekha Rani
This presentation is all about giving an idea about the cashless economy. This is mostly popular after demonetization. This ppt gives an information about the pros and cons of the cashless economy.
Payments Market in India, Mobile Wallet, Mobile Payments , Evolving Payments Ecosystem, Payments Industry , Payments Bank , Payment Gateways , Mobile Market, Payment Methods
M-PESA is a mobile based transfer of money between customers, facilitated by network of retail agents. Kenya is the first country to have adopted M-PESA where the model witnessed huge success and is contributing big way in enabling financial inclusion in the country. Deployment of M-PESA in India can bring similar benefits as experienced in Kenya. Growing mobile penetration in rural areas would ensure that people are able to benefit from mobile based money transfer concept. Indian regulatory system has also been gearing up to allow technology benefits in enabling financial inclusion, developments are only at introductory stage.
how the idea of cashless India got importance and the steps towards cashless India. challenges for cashless India and how far it is possible to achieve.
Indian model of financial inclusion: Will Mobile Payments lead the future?TechvibesKnowledgeCenter
The thought paper aims at exploring the Indian model of financial inclusion vis-a-vis potential in mobile payments. The study falls back on the trends in Indian ICT story to pitch a case for use of mobile payments technology in RBI's drive to achieve financial inclusion.
Huge thanks to Mr. Kyung Yang Park, CEO Moca Pay (moca.co.kr), on being a guiding force during the course of this study.
Also, thank you Manu Gupta for being the sounding board. Your brutally honest comments have given this study its final shape.
- Anshuman Chaturvedi
Consultant, Founder, Techvibes Global Services
Which societies are going cashless, and what models are they adopting? How can technology support governments, consumers and merchants in going cashless?
Smartphones & Mobile Money: Principles for UI/UX Design (1.0)CGAP
CGAP holds that Smartphone interfaces are likely to become the main interface for mobile money use. A well-designed interface will drive growth, profitability, and a much improved user experience. This presentation outlines 21 principles for UI/UX design.
Investigación universitaria, elementos, responsables, lineas de investigación, JALIMA DALIA
investigación, método científico, elementos de la investigación, tipos de investigación, investigación universitaria, la investigación y la docencia, responsables, gestión de la investigación universitaria, Investigación en la UPEL
lineas, revistas y red de investigación, PEII
Trabajo en grupo sistema nervioso autonomoPao Ashqui
El sistema nervioso autónomo o vegetativo es, pues, la parte del sistema nervioso relacionada con la regulación de las funciones de la vida vegetativa (respiración, digestión, circulación, excreción, etc.) que no está sometido a la voluntad. Como su nombre lo indica, es un sistema autónomo .
Beyond assisting doctors, Payment Automation Network, Inc. also specializes in helping all kinds of businesses increase their cash flow using next generation in technology. On this site business owners will find solutions that will help them increase the amount of money they collect from customers and decrease the time it takes to collect it!
•Pre-Authorized Checking
•Profit Recovery Service
•Checks by Phone
•Follow Up Marketing Program
•Loan Servicing
www.PaymentAutomation.net
EFFECTIVENESS OF DIGITAL PAYMENTS IN RURAL BANGALOREAyesha Ali
The research paper aims to delve into the awareness, preferences, and challenges surrounding digital transactions among rural communities in Bangalore, while also examining the hurdles faced by rural residents in embracing digital payments.
This report was submitted as a course project for "ECO301- Introduction to Economics" at IIIT-Delhi in collaboration with Shubham Singhal.
Project guide: Prof. Shreemoy Mishra
Digital payment systems market research report | Report SellersResearch Report
Indian payments industry is largely dominated by cash-based transactions. The banking industry in the country was majorly branch-based till 2014. Later, there was a considerable growth in the branch-less channels of banking, which has further explored into digital payments in both rural and urban regions. Indian digital payments industry is expected to reach $700 billion by 2022 in terms of value of transactions.
For more details, please visit: https://www.reportsellers.com/market-research-report/Digital-Payment-Systems-Market
Mobile payment has transformed the financial services in two different ways. They complement the banking system and they also disrupted the traditional way of banking in India
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
Digital payment systems are the backbone of digital commerce. Indian government along with the corporate community is making a significant push to build infrastructure for digital payments along with encouraging the citizens towards a cashless economy.
A Cashless Economy Challenges and Opportunitiesijtsrd
Going cashless not only eases one’s life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase of economic growth. The expenditure incurred in printing and transportation of currency note is reduced. In a nation like India, cashless transactions are not widespread, and this is due to the technology gap and the lack of proper awareness and education. Though these are the matters of concern, the government or the financial institution need to address them to create a strong cashless economy. Dr. Vidhya Rajagopalan "A Cashless Economy: Challenges & Opportunities" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38611.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38611/a-cashless-economy-challenges-and-opportunities/dr-vidhya-rajagopalan
Consumers Perception Towards Growing Mobile-WalletAshitha Devan
The study provides the insights of the consumer’s behavior and preferences towards M-wallets. Findings reveals that security, necessity, time, satisfaction of the services used are the factors which influences the consumers towards M-wallets and the respondents also feel that M-wallet saves time and has made life easier. Moreover the study identified the hurdles that consumers face when they want to adopt M-wallet as their mode of payment, the study witnessed that security issue is the prime concern of the respondents.
Similar to Mobile Money in Indian Perspective (20)
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
1. MOBILE MONEY SERVICES IN INDIAN
PERSPECTIVE
MANISH SAXENA,
Joint Advisor,
Telecom Regulatory Authority of India,
Regional Office, Jaipur
2. WHAT IS MOBILE MONEY
Mobile Money is a transformational service that uses
information and communication technologies (ICTs) and
non-bank retail channels to extend the delivery of
financial services to clients who can not be reached
profitably with traditional branch-based financial services.
Typical examples are e-wallets that are used to make
person-to-person (P2P) transfers and a range of
payments or to receive salary and government to person
payments (G2P)
3. KEY CHARACTERISTICS OF MOBILE MONEY
SERVICES
•Customers get money into and out of the service using a
network of transactional agents that operate outside
bank branches.
• Customers initiate transactions using an interface that
is available on mobile handsets.
•Mobile Money drives financial inclusion i.e. extends
financial services to the unbanked strata of the society
4. GLOBAL OVERVIEW OF THE MOBILE MONEY
SOURCE: GSMA STATE OF THE INDUSTRY REPORT MOBILE MONEY:2015
• Mobile Money has done more to extend the reach of financial services in
the last decade than traditional “bricks and mortar” banking has in the last
century.
• Mobile Money is now available in 93 countries via 271 services.
• There are 411 million mobile money accounts globally which have grown at
the rate of 31%. 134 million accounts were active in December 2015.
• In South Asia, the 19% growth (Y-o-Y) of OTC is dwarfed by the 47% growth in
registered accounts
• In 2015, 51 of 93 countries have an enabling regulatory framework.
• Mobile Money providers are processing an average of 33 million
transactions a day.
• At least 19 markets have more mobile money accounts than bank accounts.
• 37 markets have 10 times more registered agents than bank branches.
• 15 providers reported revenues of more than US$1m during the month of
June 2015.
5. WHY MOBILE MONEY WOULD SUCCEED IN INDIA
• India is a vast country with about 70% population living in villages. India has
more than 100,000 bank branches out of which only about 5% are in rural
areas. Sending money through banks becomes impossible for the millions of
villagers who migrate to big cities for work. The post office system is also
used a lot to transfer money, but is not considered entirely reliable. As a
result , most migrant workers send money home in cash through travelling
relatives or acquaintances-a method fraught with chance and risks.
• At the same time, government assistance schemes like JSY and
employment plans like MNREGA (Mahatma Gandhi National Rural
Employment Guarantee Act) have given rise to a new breed of middlemen.
This unscrupulous lot takes commissions to disburse money to the
beneficiaries, but don’t always deliver. And the cheated beneficiary is none
the wiser, largely due to ignorance and illiteracy. Plus there are the
inevitable delays due to red tape.
6. WHY MOBILE MONEY WOULD SUCCEED IN INDIA
• Financial inclusion is the need of the hour in a country like India and it has
been emphasized enough by government, companies and individuals. This
financial inclusion can not be achieved simply with the traditional banking
services. Most banks have been unable to scale mobile money services and
lack incentives to make necessary investments.
• It is a world wide phenomenon that MNOs can make financial inclusion
viable and sustainable because of the strong business case for mobile
money. India has enviable mobile penetration. It has about 1100 million
mobile subscribers as on 30th November, 2016 out of which about 461
million i.e. 42% are Rural Consumers (Source : TRAI Report). While a large majority
of the mobile services in India are based on 2G and 3G technology, the
country has seen adoption of 4G accelerate in recent months.
• Recent emphasis given by government of India on making India Digital and
a less cash society has promised a great future for Mobile Money in India.
7. INDIA ON THE GO
The Total value of all transactions done using electronic payment
systems in India in December 2016 was Rs.105 trillion according to
representative data released by the Reserve bank of India (RBI) on
17.1.17.
8. • Banking in India is witnessing the “WhatsApp moment” threatening to
disrupt the banking ecosystem in India as payments move to mobile and
lending to algorithms. ( As quoted by Nandan Nilekani)
• With the launch of UPI (unified payments interface), by National Payments
Corporation of India, India has crossed a significant milestone. Apart from
making payments easier, UPI enables micro credit.
• Smart Phones and increasing Internet penetration will help India’s digital
cause. Around 90% of all devices will be Internet Enabled by 2017, and the
number of Internet users will touch 650 million by 2020 from 300 million in
2015 (Prediction by 25the July 2016 report by Google and BCG).
• This Report further forecasts the size of the digital payments industry in
India to touch $500 billion by 2020, contributing 15% to India’s GDP.
• India currently ranks second in the world with more than one billion mobile
subscription . Of this around 240 million consumers use smartphones, and
this base is projected to increase to over 520 million by 2020.
• Smartphone subscriptions in the country will increase fourfold to 810
million by 2021, according to the India edition of the Ericsson Mobility
Report released in June 2016.
INDIA ON THE GO
9. SOME OF THE MOST PROMINENT MOBILE WALLETS AND UPI
(UNIFIED PAYMENTS INTERFACE) PAYMENTS APPS IN INDIA
1. BHIM App
2. SBI Buddy
3. Paytm
4. Freecharge
5. Mobikwik
6. Airtel Money ( Largest MNO of India )
7. Vodafone M-Pesa ( 2nd Largest MNO of
India )
8. Axis Bank Lime
9. Chillr
10. IDEA Money (3rd Largest MNO of India )
11. Citrus Pay
12. ICICI Pockets
13. HDFC Pay Zapp
14. Ftcash
15. Oxigen Wallet
16. Mobicash
17. Trupay
18. Itzcash
19. PhonePe
20. Jio Money ( MNO)
Number of Mobile Wallet Users is three times the number of credit cards
issued in India (24 million in 2015-16) ( Google-BCG Report)
10.
11. A typical Survey conducted by First Data on use
of Mobile Wallet in India
14. PAYMENTS BANKS IN INDIA
On 19 August 2015, the Reserve Bank of India gave "in-principle" licences to
eleven entities to launch payments banks to increase the scope of financial
inclusion to small savings account holders, low income households, small
businesses, unorganised sector entities and migrant labour force:
Aditya Birla Nuvo
Airtel M Commerce Services
Cholamandalam Distribution Services
Department of Posts
FINO PayTech
National Securities Depository
Reliance Industries
Sun Pharmaceuticals’ dilip sangvi
Paytm’s Vijay Shekhar Sharma
Tech Mahindra
Vodafone M-Pesa
Out of these, three have surrendered their licenses. ("Chalomandalam
Distribution Services", "Dilip Shanghvi ‘s Sun Pharmaceuticals" and "Tech
Mahindra“ )
15. PAYMENTS BANKS IN INDIA
• Payments Banks are important as they will magnify the potential of
financial inclusion in the economy. It will empower those citizens who
have only transacted in cash to head towards formal banking.
Traditional banks may be hesitant to open branches in every village due
to its uneconomic returns, but a simple mobile phone coverage is all
that is required now. Keeping in mind the government’s unwavered
digital drive target, customers can shift from cash transactions to
operating their accounts on their mobile phone and transact digitally.
• India also serves as a big remittance market and with money
transfers possible through mobile phones, workers and migrant
labourers could simply shift to Payments Bank and send their money
home. Payment banks can also play a crucial role in implementing the
government’s direct benefit transfer scheme, where subsidies on
healthcare, education and gas are paid directly to beneficiaries’
accounts.
16. PAYMENTS BANKS IN INDIA
• Airtel Payments Bank (APB), a joint venture between Bharti Airtel Ltd and Kotak
Mahindra Bank Ltd, has been launched on 12.1.17 said it will spend Rs 3,000
crore to develop a pan-India banking network and digital payments ecosystem.
Within a month of its launch, it has expanded its payment bank operations to 200
plus villages across Rajasthan, Telangana , Andhra Pradesh and Karnataka and
plans to expand its payment bank services to 5000 villages across the country.
Each of the retailer, Point of Presence of Airtel, the largest Telecom Service
Provider of India would be Banking Agent.
• India Post Payments Bank (IPPB) has also been launched by Department of
Posts, Government of India on 30.1.17 and plans to scale it up to 650 branches by
September. India Post has more than 155000 post offices through out the country
and after becoming payment bank would prove to be a game changer for financial
inclusion in the country.
• Paytm Payments Bank has also received final approval from RBI on 3.1.17 and
would launch its operations in February 2017.
17.
18. WAY TO GO
To succeed it is imperative to have
• a healthy stage of digital inclusion that is connectivity for all and spread of ICT
networks.
• Awareness, education to people about the concept , advantage and convenience of
mobile money
• A mind shift to use Mobile Money as about 68% of transactions in India are still cash
based.
• A holistic approach to bring vendors, suppliers and the customer on mobile money
platform. In India most of the merchants still don’t want the infrastructure costs and
fees associated with e-payments whereas customers still find cash more convenient.
• Enabling regulatory reforms such as permitting cash-out (withdrawal) at third party
agents, harmonizing KYC requirements, improving Aadhar-based KYC procedures,
harmonizing transaction limits between mobile money accounts opened by non-bank
and accounts opened by banks, enabling mobile money providers to pay interest on
value stored in an e-wallet, removing the pre-approval requirement for wallet-to-
wallet interoperability etc.
• Confidence in the mind of customers that their money is safe and secure in the e-
form.
19. REFERENCES:
1. Mobile Money: the Opportunity for India; MMAI/GSMA position paper 13 November
2013
2. GSMA State of The Industry Report on Mobile Money 2015
3. www.businesstoday.in/magazine/case-study/case-study-vodafone-mpesa-mobile-
cash-transfer-service-future/story/211926.html
4. http://www.livemint.com/Politics/ODcuu2wmWqGWNUY6wHhmmJ/Indias-cash-
conundrum-how-ready-is-India-to-go-cashless.html
5. TRAI press release No.09/2017, Telecom Subscription Data as on 30th November,
2016
6. https://www.bcg.com/en-in/d/press/25July2016-digital-payments-2020-making-
500-billion-ecosystem-in-india-39417
7. https://www.ericsson.com/res/docs/2016/ericsson-mobility-report-2016.pdf
