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Solidifying Banking Penetration with a Mobile
Payments Ecosystem
India has a large population that is unbanked
There are several reasons for this:
Lack of Financial Literacy
Poor Connectivity
High Cost of Branch-Banking
Illiteracy
Others
Mobile banking has emerged as a feasible, low cost alternative to traditional branch banking.
Mobile banking enables electronic transactions without the need for Physical branch banking..
Mobile payments is expected to alter commerce in India. Digital transactions are expected to cross
$500 billion by 2020
Mobile Internet usage is expected to reach 371 Million by June,2016.
Device usage too has surged to 931 Million
Currently, there are more mobile devices than bank accounts in the country.
As a result of many of these factors, the unbanked population has dropped…
…from 557 million people in 2011 to 233 million in 2015!
However, there are certain limitations that needs to be overcome to take mobile payments to the next level…
While mobile Internet usage is prevalent, the speeds are not consistent. Thus hampering usage.
Wide access to public wi-fi is a large enabler where data usage costs continue to be expensive.
The upper limit of transactions for mobile payments is capped at Rs.50,000 per month. This restricts transactions significantly.
There is a restriction on mobile banking with only one bank account permissible per user…
From the point of view of mobile banks, the cost incurred for fulfilling the mandatory Know Your Customer (KYC) needs is expensive - ~Rs.500 per account
There is a need for ample assurance that customer data security is fool-proof to get the laggards to hop-on to the usage bandwagon.
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