Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. In past two years,a Mobile Banking user has increased three times if we compare the use of either debit card or credit card. Moreover 85-90% mobile users do not own creditcards. There is at least 36% of population that are literate have mobile phones and have noaccess to credit. This is the potential market that would appreciate mobilebanking solutions.
Financial Information Network and Operations Ltd. (FINO) haslaunched the radical FINO-MITRA a Comprehensive package of Mobile enabledbanking solutions. FINO’s new product, MITRA, enables enrolment as wellbanking transactions through the use of mobile technology, thus, increasingscalability at reduced costs.
Commenting on the launch of FINO MITRA, Manish Khera, CEO, FINO said, “MITRA will ensure that FINO is able to reach out to a large segment of the 8 million rural subscribersof mobile phones who are deprived of basic banking facilities. Currently mobile enrollment is being done for NREGS where data is made available with prepopulated fields.”The mobile subscriber rate in India has been increasing rapidly and stands at 362 million as of Jan 09.
FINO MITRA serves as analternate method of catering to unbanked population of the country by helping them avail basic banking facilities. The MITRA facilitates both as an enrollment and transaction device used by the FINO agents. This product enables the end user to use their mobile phones for banking transactions, as any wallet and for other mobile enabled commerce. Wide network of FINO enables thecustomer to access the services in seamless manner even if he moves to different parts of the city or country.