Great piece of data/insights/recap on mobile banking in India. Must read for all telecom entrepreneurs.
Presently, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services. Transactions in mobile banking have been showing an uptrend. During February 2012, more than 2.8 million transactions for close to Rs. 1961.23 million were transacted; a 300 % increase in volume and more than 200% in value terms as compared to 0.7 million transactions for close to Rs 616.19 million during February 2011. A little over 12.23 million bank customers have so far registered for mobile banking services. These numbers are not really heartening if we consider the following facts:
At the end of January 2012, the total wireless subscriber base was 936 million, which included 313 million subscriptions in the rural areas.
Only 55% of the people of India have deposit accounts.