Mobile Money User Base in India crosses 10 million mark

The number of bank customers registered for Interbank Mobile Payment Service (IMPS) has crossed 10 million mark. Though the number is very small considering the large base of 350 million account holders with banks, the trend is encouraging. So far, twenty major banks have joined this service and testing and certification is in progress for nearly … Continue reading “Mobile Money User Base in India crosses 10 million mark”

Interbank Mobile Payment Service in India

In November 2010, the National Payments Corporation of India had launched the Interbank Mobile Payment Service (IMPS). IMPS is an instant, 24 x 7, inter-bank electronic fund transfer service which is available 365 days of the year. The below video gives a demonstration about how an individual can receive and send money through his mobile … Continue reading “Interbank Mobile Payment Service in India”

Beyond payments – Next generation Mobile Banking Report

PlaNet Finance and Oliver Wyman explored the power of mobile technology in providing low income consumers with access to a wide range of financial products that go beyond simple mobile payments. This work, sponsored by the Bill and Melinda Gates Foundation, aimed to look at distribution strategies and second generation mobile microfinance products via pilots … Continue reading “Beyond payments – Next generation Mobile Banking Report”

Madura Microfinance launches Mobile Micro Markets

Rural entrepreneurs often have difficulty getting the exposure they need to be successful. Madura Microfinance has so far created various methods to help these business owners access new markets and learn about new opportunities and products, giving them the ability to present their products and services to our rural members. Taking this forward, in a … Continue reading “Madura Microfinance launches Mobile Micro Markets”

Indepay enables rural banking with Biometric technology in North East India

Indepay Networks, an enabler of Rural Payment Infrastructure, launched its RBI guidelines based Banking Correspondent (BC) program for Tripura State Co-Operative Bank Limited (TSCB) yesterday. The program was inaugurated by Hon’ble Minister for Rural Development, State of Tripura, Sh. Jitendra Chowdhury, at Kalachara Gram Panchayat. Indepay – Electronic Payments for Rural India Indepay ( Website … Continue reading “Indepay enables rural banking with Biometric technology in North East India”

Mobile Trading in India launched by TCS BaNCS

TCS BaNCS Securities Trading went operational with its mobile trading application with a leading financial services provider in November 2010. With this implementation, TCS BaNCS becomes one of the first IT solution providers to deploy its mobile trading solution in India, the bastion of the exchanges until now. TCS Mobile Trading Platform Launched in international … Continue reading “Mobile Trading in India launched by TCS BaNCS”

SBI and Airtel form Joint Venture for Mobile Banking in India

SBI and Airtel have joined hands to form a new company that will offer mobile banking services. The initiative is aimed at financial inclusion of the un-banked population in the country. Under the new initiative Airtel outlets and retailers will serve as business correspondents (BC) of SBI (State Bank of India) and the bank’s customers … Continue reading “SBI and Airtel form Joint Venture for Mobile Banking in India”