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Is India a promising market for Payments done through mobile phones??

Created by : Namrata Pathak, Accounts Manager, American Express  | 08 09 2010 13:35:57 +0000
Industry : Telecom/ISPFunctional Area : Business Models(Strategy & Execution)
Keywords : mobile banking mobile payments nokia ovi store nokia mobile banking outlet smartphones as credit cards mobile bankind solutions
Activity:  334 views;  last activity : 09 13 2010 16:02:49 +0000

India is one the most attractive markets for payments through mobile phones, a global consulting firm said after studying market conditions in five countries, including China. The report by Arthur D Little (ADL), a management consulting firm, examined current market conditions for mobile financial services in M-BRIC countries (Mexico, Brazil, Russia, India and China).


http://www.telecomcircle.com/wp-content/uploads/2009/03/mobile-payments-models.jpg

It said as mobile financial services are experiencing a global surge, the world's total mobile payment transaction volume is to reach about $280 billion by 2015.

Currently, only 32 million people in M-BRIC use these types of services. So, what do you think people, can India be a promising market for payments done through mobile phones?

  
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I think it can be, recently we all saw news here in Toostep only that smartphones will act as credit cards in future & now with Mobile banking looking to take shape in India and several telecom providers providing mobile payments as option in coming days, it will become a preferred choice for people to  transact with their money and accounts and surely mobile payments holds a promising market for India...
By Namrata Pathak, Accounts Manager, American Express  08 09 2010 13:35:57 +0000
 
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Hello Namrata, May be, It all depends on the facility which they are going to provide. 

K Rajagopalan.
By k Rajagopalan, Area Manager, Amitex Polymers (P) Ltd.  | 09 13 2010 16:02:49 +0000
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Yes maybe for whole India in future......
By Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.  | 08 26 2010 18:01:30 +0000
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every one is running behind the money and the government too,about technology it always increase..
By mohammed wajhi khan muzammil, B.A student, vocational  | 08 23 2010 07:02:38 +0000
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Of course, India is a promising market as we are tech savvy country but the security risks associated with it should be addressed in toto.
By RAHUL DOGRA, Branch Manager/Regional Manager, jellem trqansport  | 08 22 2010 09:24:27 +0000
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Of course, India is a promising market as we are tech savvy country but the security risks associated with it should be addressed in toto.
By Ganesh Bhat, MD & CEO, Balkan HR Services P L  | 08 20 2010 05:02:06 +0000
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yes i think india is really a promising market for mobile payments because lifestyle of indian young population is changing and they prefer things to be done faster
By divyendu , MBA/PGDM student, siva sivani institute of management  | 08 19 2010 14:41:19 +0000
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I do agree that India is an attractive market in the world & especially among the BRIC nation. As, India is the only which has worlds cheapest call rates & a fast growing cellur market. So, it would be easier for the Banking co & networks operator's to tap the customer's. As it would make it easy for the customer to view there accounts & can make payments as soon as possible.


By Apurva Phanshikar, Junior Officer, TASC,ICICI Bank  | 08 19 2010 11:50:04 +0000
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i think india is really a promosing market for mobile payments because every year adding millions of user of mobile and less time consuming .
By Binapani Rout, MBA/PGDM student, Regional College Of Management, Bhubaneswar  | 08 19 2010 11:19:44 +0000
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Yes,why not?India is very much capable to inculcate mobile banking faster than others
By Tushar Kamble, Assistant Manager, AXIS Bank  | 08 19 2010 09:24:25 +0000
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india is fastest growing market for mobiles so then people opt mobile payments
By cmsrinivas , SalesManager-autoloans NBFC  | 08 19 2010 09:09:26 +0000
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i think it can avoiding black money because all the transaction made by bank then it good for avoiding black money
By vikram v bheke, Account Services Executive, Lumax Automotive Systems Ltd.  | 08 18 2010 15:00:20 +0000
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Yeah,It is quite promising ..but there should be adequate security measures to avoid any false transactions...
By Mahender kumar gupta, M.Sc student, IGNOU  | 08 16 2010 14:30:15 +0000
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Yes, Definately... its now compalsary to get use of phones in the daily banking transactions hence the banking is now paperless ...... so i thing this is the best way to serve the people accurately...
By kishore r gujarathi, Account Director, hdfc bank  | 08 16 2010 07:47:59 +0000
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Yes, ofcourse, we can see it in near future
By Yugandhar , Assistent Manager - Cost & General Accounts  | 08 16 2010 04:11:21 +0000
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NATURALLY AS THE MOBILE PHONE USERS ARE CONSTANTLY INCREASING
By s.baalu , Consultant, XYZ LTD  | 08 14 2010 13:23:55 +0000
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I agree with you Namrata. India as a market is mindbogling only some body should know how to penetrate and take maximum market share. India cosists of 6 lac plus villages and this bottom of pyramid if targeted now it will give a huge dividend in future to any sort of marketing.

I am not going specifically to smart phone usages which holds an excelent promise for future in India.
By Rathin Deb, Freelance Retail Consultant  | 08 10 2010 07:16:00 +0000
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A solution similar to mPesa could work wonders in the Indian markets. This kind of solution would work on low-end phones as well, and the potential would be huge given that the reach of mobile phones is much higher than the reach of financial institutions in India.
By Shahnawaz Islam, PR & Media Relations Manager, National Institute of Smart Governance  | 08 10 2010 05:03:51 +0000
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Though India is a tech savvy country but people in rural India are not so much advance save them from internet frauds and haking
By Sanjay Tiwari, Manager Accounts and Stores, Hindustan Everest Tools LImited  | 08 21 2010 08:21:10 +0000
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