India has 15 mobile money providers, second only to Nigeria. Of the 904 million mobile subscriptions in India, 371 million (pdf) are in rural areas. Analysts think that mobile money transfers in India could be worth 350 billion annually (paywall) by next year.In rural parts of India, the opposite pattern is playing out. MoneyOnMobile, a Mumbaibased company launched in 2010, relies on a local sales force of independent agents who earn commissions from signing up retailers to support services that include bill payment and domestic remittances conducted via SMS texts on mobile phones. mobile money services in india
Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services.
The telcos mobile money services such as MPesa have the inherent advantage of positive network effects with regard to mobile users, but to leverage crossside network effects, they need to rapidly promote it among merchants for transaction payments. Best 5 Mobile Wallets for Online Payments in India ATM transfer, etc. Then, you can add money to your mobile wallet for making online prepaid mobile payment (and postpaid), DTH recharge, datacard bill payment, electricity bill payment, gas bill payment, landline phone bill payment, etc. This is easily one of the most popular mobilemobile money services in india Services Offered: Mobile money services typically offer a subset of the following services Peer to Peer money transfers (P2P), remittances (domestic and or international), bill payment receipt, salary disbursement receipt, retail payments, and money storage savings. Of these, P2P tends to be the most common offering.
MNOs and banks partnered to provide mbanking services all over India including Airtels (MNO) Mobile Money Transfer; and by other banks such as ICICI, HDFC, and State Bank of India (SBI) have launched their own mobile payment services in partnership with several MNOs experiencing varying degrees of success. mobile money services in india