With the mobile subscriber base touching the 150-million mark, operators are now planning to revolutionise rural remittances through mobile banking. Through this, a daily wage earner in a metro city will be able to remit small amounts (Rs 50, Rs 100 or Rs 500) to his relatives in his village through a local mobile retail outlet.
However, such a vision will come true in India only once the regulatory approval for money transfer on mobile phones is there, although the technology is there and it is happening in some other countries.
To roll out ‘banking for the unbanked’ service Bharti Telesoft has developed a platform and is launching its services within few months in some South Asian countries, like Bangladesh. In the Philippines, mobile operators like Smart and Globe have tied up with banks to offer services. Vodafone is rolling out such a service in trial phase for about 5,000 subscribers in Kenya.
Source: ET
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