NEW DELHI, INDIA: Mobile banking is the hottest area of development in the banking sector and isexpected to replace the credit/debit card system in future.
In past two years, a mobile banking user has increased three times if we compare the use of either debit card or credit card. Moreover, 85-90 percent mobile users do not own credit cards. There is at least 36 percent of the population that are literate, and have mobile phones but no access to credit.
This is the potential market that would appreciate mobile banking solutions.
Financial Information Network and Operations Ltd. (FINO) has launched the FINO-MITRA a comprehensive package of mobile enabled banking solutions. FINO’s new product, MITRA, enables enrolment as well as banking transactions through the use of mobile technology, thus, increasing scalability at reduced costs.
Manish Khera, CEO, FINO said: "MITRA will ensure that FINO is able to reach out to a large segment of the 8 million rural subscribersof mobile phones who are deprived of basic banking facilities. Currently, mobile enrollment is being done for NREGS where data is made available with pre-populated fields."
The mobile subscriber rate in India has been increasingrapidly and stands at 362 million as of Jan 09. FINO MITRA serves as an alternate method of catering to the unbanked population of the country by helping them avail basic banking facilities.
The MITRA facilitates both as an enrollment and transaction device used by the FINO agents. This product enables the end user to use their mobile phones for banking transactions, as a wallet and for other mobile enabled commerce.
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