Money thro' Mobile for Financial Inclusion of lower Strata.
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Money Thro' Mobile (MTM)for financial inclusion of lower strata.
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Un-banked Money Management for Financial inclusion.
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.
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Abraham Paul
| Commented
| 9 months ago
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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...
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P. Abraham Paul
| Commented
| 1 year ago
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It is in today's news that AIRTEL in India has rolled out the MTM product as AIRTEL-MONEY in Gurgaon area inthe suburb of Delhi as a first attempt in Mobile wallet service. I am sure it will take of well even if AIRTEL provide an exclusive SIM for...
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Karthick
| Commented
| 1 year ago
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