Build your professional network on facebook via our app Go to app
 
<< Prev  11 of 18 in Topic  Next >>
Topic : Mobile Banking in India
  Rate : 
 

Is mobile banking going to be a hit among low income group in India??

Created by : Nidhi Singh Chauhan, Business Analyst, Until ROI Consulting  | 07 02 2010 06:22:00 +0000
Keywords : is mobile banking going to be a hit among low income group in india??
Activity:  304 views;  last activity : 04 11 2011 16:09:01 +0000
36% people in India earns less than 5,000 and owns a mobile phone.These people donot participate in formal banking as there are socio-economical constraints.Banks require minimum balance to open an account which these people cannot afford.SBI launched a mobile banking service in Feb 2010 where they have targetted bottom of the pyramid.User can perform basic financial processes like deposit,withdrawl.An user have to make a virtual account(mobile wallet) and they can convert actual money into virtual money with the help of prepaid cards.Excellent use of technology to bring BOP to the mainstream.But will it be a success in India?
  
 Refer 13
Share
 
 
  Rate : 
 
 
Yes Vs No
5
 
 
 
 
3
4
4
Support   Support
Top Argument
1
0
Yes, It can be success in India.In india security of money is still a major concern.Poor people who do not have bank vaults would prefer safe gaurding their money in mobile wallet rather than under the mattress of some with some landowner or some microfinancing firms.TO make it a success we need to have proper regulations for transactions,security of money,awareness level among users, reliable agents.Success of mobile banking depends on the kind of business model we try to adapt according to India.Such service has been a major success in African poor countries like Ghana,Sudan,kenya and Latin American countries as well.
By Nidhi Singh Chauhan, Business Analyst, Until ROI Consulting  07 02 2010 06:22:00 +0000
 
0
0
Sure it will reach all level of people
By Shankar , CEO/MD/Director, Infosearch bpo Services  | 03 03 2011 09:52:16 +0000
0
0
yes to some extent,bcos everyone is now having a mobile phone and banking on it provide a kind of security.
By pradhnya meshram, Sales Executive/Officer, Tata Communications Ltd  | 03 03 2011 09:32:57 +0000
0
0
A surprising NO from a IT professional. But it is correct - atleast for the short term. Leave alone the technology part in the Banks, etc. How do you educate these people about the benefits of mobile banking in the short term? Me and one of my colleagues created Any Branch Banking in my previous Bank - the first in a Nationalised Bank at that time. But it became popular only after 5 years. There is a lead time for a product which is introduced to become popular. But once it becomes popular, the demands and expectations keep getting higher and higher.
By Raju V P, Senior Manager, an International Bank  | 04 11 2011 16:09:01 +0000
0
0
A surprising NO from a IT professional. But it is correct - atleast for the short term. Leave alone the technology part in the Banks, etc. How do you educate these people about the benefits of mobile banking in the short term? Me and one of my colleagues created Any Branch Banking in my previous Bank - the first in a Nationalised Bank at that time. But it became popular only after 5 years. There is a lead time for a product which is introduced to become popular. But once it becomes popular, the demands and expectations keep getting higher and higher.
By Raju V P, Senior Manager, an International Bank  | 04 11 2011 15:53:13 +0000
0
0
Poor peoples have lesser or no surplus money so they prefer to have money in their wallet than in the bank. Even if they have bank account the volume of transaction is very low.So the mobile banking is not of much use to poor peoples.
By Nilesh Pawar, Legal & Secretarial, Valencia Professional & Management Services LLP  | 03 03 2011 08:53:46 +0000
0
0
Your question itself shows doubt for this idea & never get a huge success @ low income group.
By SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd  | 03 03 2011 06:03:20 +0000
Argue for "Yes"
Argue for "No"
 Found the debate "Is mobile banking going to be a hit among low income group in India??"  interesting ?  Suggest to your connections and communities  
Bangalore's top ITES recruitment firm
  • Create a confidential Career Profile and Resume/C.V. online
  • Get advice for planning their career and for marketing of experience and skills
  • Maximize awareness of and access to the best career opportunities
Viewers also viewed
Mahatma Gandhi National Rural Employment Guarantee Scheme has been luring away the work force....
 
1109 referals 34 arguments, 1519 views
No, they are beyond help vs Yes, reservation is the answer and way out
 
2204 referals 15 arguments, 258 views
Yes, it is evident that this Government is the Worst vs This Government has done some thing good...
 
1866 referals 59 arguments, 1395 views
more...  
Recent Knowledge (5)
WE HAD A GOOD NUMBER OF INVENTORS WITH GREATER VISION ABOUT THE SOCIETY. INVENTORS HERE NEED NOT...
 
2 referals 2 arguments, 97 views
C vs B
 
0 referals 3 arguments, 51 views
I am associate of prajapati association and i am working for BJP from year 2005 to till date....
 
0 referals 3 arguments, 111 views
more...  
Sponsored Jobs
More From Author
really nice....:D
Now a days everything revolves around marketing.Companies can sell only when they can give required visibility to the products.In fierce competition for any company customer retention has become more important than selling.Marketing would not help...
36% people in India earns less than 5,000 and owns a mobile phone.These people donot participate in formal banking as there are socio-economical constraints.Banks require minimum balance to open an account which these people cannot afford.SBI...
more...  
  • Popular Knowledge
  •  
  •  
  • Popular Jobs
  •