Mobile Banking, a new term for the players who are planning to bring banking to India’s rural population. Yet the final guidelines are not issued by RBI. But the players have started working on the concept of Mobile banking.
Obapay (US-based mobile payment company) is entering Indian market with the Partnership of Yes Bank is gaming on Indian Mobile Banking.
Aim of the pilot project is to connect with rural population of India which is soon going to be launched in Mumbai. As mobile banking is a quite new concept in India, security issues are up till now a big concern, major reason is that RBI has still not issued final guidelines on mobile banking.
Aditya Menon, CEO, Obopay India, said that The RBI does have certain value based limits and banks can regulate how much they want to transfer depending on the nature of transaction. We have a two factor authentification procedure and that way unsolicited calls from any bank is not even possible, hence phising won’t happen.â€
”The US is a serious banking environment, people are much more comfortable with mobile banking, and the facilities needed are much more clearly defined,†said Carol Realini , CEO, Obopay added
Considering the Scenario of Indian Market, with hazy security regulations and challenges of providing multilingual services in the rural environments. Will the 25% mobile penetration in India alone make this a succesful model, is a big question in front of the players.
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