Only recently, we saw a tussle between the Blackberry and Government over source-code. Majority of the mobile operators are currently indulged in all sorts of practices, to say a least, selling customers' data to Ad Agencies and Marketing Companies. Tomorrow, all your account ids with cvc numbers would be on sale not in the sub-continent, but in Europe and other parts of the world! You can't trust anyone. Even best of the agencies in the world, at times, find it difficult to handle the hacking issue! For a few hours of convenience, you may lose out hard-earned money in spurious transactions!
By
S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner
| 07 14 2011 09:28:39 +0000
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Money Through Mobile (MTM). Introduction: Money through Mobile (MTM) is a path breaking state of the art idea to enable all sorts of day to day money transactions through phones. MTM is a non-banking product that will accelerate Financial Inclusion of people in lower economic strata across the country and will become an effective tool for supporting their Micro Finance needs. 1. MTM is different from Mobile Banking. Money through Mobile is not be confused with mobility in Banking service or service of e-banking using Mobile phones being currently provided by banks. ‘Money through Mobile’ system proposed herein is transparent to banking industry and services and therefore, is entirely different from what is termed as ‘Mobile Banking’. MTM transactions involving Banks, Post Offices and other financial institutions; will in the same position and functional level using same product technology at par with that of any other MTM user. Please the presentation on MTM attached. Money through Mobile (MTM) is envisaged as a service that provide easy payment mechanism to directly transact (receive and send) virtually all form day-to-day micro e-payments such as for receiving salary / pension, welfare all sorts of payment related to NREGA etc., from government, interest / dividend payments, and for sending of payment related to utility bills, Taxes and service charges, school fees, job contractors and job workers, employees by employers, bill payment in shops, sales outlets & malls, cinema halls, petrol bunks, various travel ticket vendors, for using vending machines, taxi and auto fares, road and bridge toll payments, transfer of money to friends, spouse, pocket money to children, small personal and business money lending, transactions with Micro-finance agencies and franchisees , crediting money into bank and Post office accounts etc., without involving banks, post offices credit card companies and other money transfer agencies. As most of every phone user’s day-to-day money transactions could be done sitting at home/office or from anywhere any time without need to commute and therefore will help to save time, fuel and reduction in road usage, traffic congestion and pollution.
By
Abraham Paul, Senior Telecom Consultant, FCOMNET- Future Groups
| 08 29 2011 16:22:15 +0000
To become mobile money transactions success full, it is necessary to make the product and network available accessible and affordable to all phone users; Mobile as well as land lines, across the country. I have been suggesting for years to TRAI, DOT, RBI, Mr. Petroda and many others; a workable Money through Mobile system (MTM) that is basically simple, safe and user friendly as it is identical to existing pre-paid service and can be easily implemented without involving banking system or internet access. Please read my article Money through Mobile (MTM) in www. toostep.com The success of the system depend on its architecture. MTM system shall be a common centralized stand alone system that can be accessed by all mobile as well as land line phone users. The system could be set up by the consortium or Telecom service providers or by a third party on revenue share basis by the stake holders. As the huge amount real cash handled by such a common centralize system expected to in trillions remain within the system, the system provider can deploy this profitably to provide the service free of cost to the users. Since all Govt. welfare payments, pensions etc., could be transferred direct to the beneficiaries without involvement of banks or other intermediaries, the proposed system is the best way to enable empowerment and financial inclusion of people in the lower economic data across the country in both urban and rural areas. The reasons in not taking off this are due to the following factors:- 1. Telecom service providers do not want to jointly implement it. Each are trying its own versions and set ups which can not succeed. 2.Govt. is confusing it with mobile banking because a paper on this send by me to Mr. Kapil Sibal was forwarded to Finance ministry saying that this is to be dealt by them. Further nothing heard from them as usual. 3. instead of sleeping over the issue till it goes out of hand, govt should involve and regulate the mobile money management service. If private Telecom providers are not coming around to jointly providing the service, Govt should make it mandatory and insist for setting up a common third party system that can provide service to all users across the country at affordable cost to users. 4. With Adhar becoming a reality, it is worthwhile for the govt. to have its own exclusive GSM system and network for Crisis management / Security and administrative purposes and use the system and network for money management services as an additional VAS for transfer of welfare and other payments to direct to beneficiaries and collection of tAX and duties etc., without the involvement of banks. The presentation on MTM is already in the web for any one to use. If more info is required I will be only too glad to provide it free of charge. By Abraham Paul, Senior Telecom Consultant, FCOMNET- Future Groups
By
Abraham Paul, Senior Telecom Consultant, FCOMNET- Future Groups
| 07 18 2011 08:31:24 +0000
Ekta you are right. Mostly people don't have much idea about the mobile transactions. & it is the major reason for its failure at present scenario but in future we can find out the mobile transactions will increase. Similarly Internet banking at preliminary stage didn't accepted by people. But Now it is popular not even in metros but also in other cities. Every new concept will take time for their acceptance or rejection..
By
Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.
| 07 15 2011 16:48:42 +0000
Mobile based transactions or M-Commerce is still a very new concept in India. we have not yet fully accepted the e-commerce so there is less possibilty of easy acceptence of M-commerce. It is safe and secure but all we need to know is to use it properly an in depth knowledege of how it works,...so that we can use it... M-commerce software like mgpay and sbi mobile application are highly secured and user friendly.
By
Gurpreet Singh, Team Associate, BA Continuum Solutions
| 07 15 2011 03:07:25 +0000
Hi Ekta, Thanks for refering me this topic.Actually my understanding is there are multiple reasons. It is trues that primary reason is awareness about mobile transactions has not been spread widely including inbuilt safety aspects about it.At the same time couple of reasons like lobbying from credit card companies for not supporting the applications as they perceive it as business threat and also lack of proper infrastructure and technological support in terms of software,hardware and networking require to make this successful. The other reasons is being the penetration of smart phones which support this application has got limited penetration in India uptill now. The concurence from RBI required for this is also an issue. Above all actually are coming in way of success.
By
Shailesh Vadalkar, Business Analyst, Al Rostamani Pegel LLC
| 07 14 2011 07:21:39 +0000
I feel it is lack of awareness. A person would not be sure about anything related to money as long as he does not have proper details . When you do not know a articular thing trust is out of question. So this is a total case of lack of awareness more than trust.
By
Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank
| 07 14 2011 06:49:51 +0000
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