India witnessing new dawn of mobile banking
Image via WikipediaThe Economic Times
Opposite Suresh Photo Studio, adjacent to a temple, 38-year old Kamla sells roses, marigold and orchid garlands. Back home in Muzaffarpur, Bihar, Kamla’s mother now receives Rs 200 (about $5USD) every week on her mobile sent by Kamla.India is witnessing a new dawn of banking with mobile phone. From a rickshaw puller, a florist, a pan shop vendor to a truck driver, cash transactions are going mobile for all and sundry. “Our target is to achieve 10 million mobile subscribers hooked onto mobile banking by end of this fiscal year,” says Bharti Airtel CEO Manoj Kohli.
Four banks, SBI, HDFC, ICICI and Corporation Bank, have partnered with India’s largest operator Bharti Airtel to offer m-banking. RCOM has tied up with ICICI Bank, HDFC Bank, Axis Bank and IDBI Bank. Bharti Airtel has launched its mobile banking late last month and plans to rope in about 100 major banks in India by end 2008.
“Over the coming months, customers will be available to open their bank accounts at authorized Airtel outlets just by submitting a photo ID proof. Subscribers can now deposit, withdraw, transfer, pay bills or remit money through their mobile phones,” Mr Kohli adds.
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I completely agree that mobile banking in India is changing the way people usually see banks. Lately I came across another bank called Barclays, which with its Hello Money (www.barclays.co.in/hellomoney) feature introduces mbanking in the most simplest form. From paying any type of bills to all bank transactions to even recharging your own cell phone, it does everything.