Mobile Banking In India–$350 Billion Worth Of Transaction Expected By 2015
First, a recap of telecom/debit card data: India has 700 million+ mobile subscribers, just 240 million individuals with bank accounts, 20 million credit cards, 88,000 bank branches, and 70,000 ATMs. Of the households without a bank account, 42 percent have at least one mobile phone. Mobile banking could be a game changer and while we have been hearing of this for quite sometime, Read more on Pluggd.in
Indian banking: goodbye branches, hello mobiles
If you are planning to open a bank in India here’s some free advice from the global management consulting firm McKinsey: forget bank branches, invest in online and mobile banking services. Read more FT
Mobile banking seen as Rs 20,000 crore fee opportunity
Mobile banking in India is set to generate fee-based income of Rs 20,250 crore over the next five years, according to a report by Boston Consulting Group. DNA
Banks in South India take lead in adopting to Mobile Payment Service
South Indian Bank joined Interbank Mobile Payment Service (IMPS) on 28th June 2011. This would enable their customers to instantly transfer funds to the customers of 22 other banks who are already providing this service. Other banks in South India which have joined IMPS are Canara Bank, Corporation Bank, Syndicate Bank, Indian Overseas Bank, Indian Bank, Federal bank, Karur Vysya Bank, Laxmi Vilas Bank and now South Indian Bank. The Banks in South appear to be taking the lead in spread of mobile banking in India.