Hi Malcolm,
I am still trying to understand it myself; but this is what the media has reported.
OxiCash Money Transfer launches as India's 1st RBI-approved mobile wallet for unbanked
May 8, 2013
Yesterday, India's payments solutions provider Oxigen unveiled its instant money transfer service, OxiCash. This "mobile wallet" enables India's unbanked population to transfer money with ease to any bank account and receive money into their wallet at any time. Vijay Chugh, chief general manager for the department of payment and settlement systems at the Reserve Bank of India, officially launched the service at a press event.
And this is what Vodafone site says..
http://www.vodafone.com/content/index/media/news/m-pesa_india.html
so, maybe, times are changing after all..
anuj
From: MicrofinancePractice@yahoogroups.com [mailto:MicrofinancePractice@yahoogroups.com] On Behalf Of Malcolm Harper
Sent: Thursday, May 30, 2013 4:11 PM
To: MicrofinancePractice@yahoogroups.com
Subject: Re: [MFP] Vodafone Aims to Replicate M-Pesa's Success in India
Thank you Anuj, this is indeed interesting. I was under the impression that the main constraint to the adoption of mobile money in India was the RBI. Does this Vodaphone initiative suggest that this is no longer the case, or that it never was, or is the Indian Mpesa perhaps a different animal, without the mobile wallet feature ?
Malcolm
----- Original Message -----
From: Anuj Jain
Sent: Friday, May 24, 2013 3:35 PM
Subject: [MFP] Vodafone Aims to Replicate M-Pesa's Success in India
Interesting development..
In Kenya, and in other parts of East Africa where mobile money services have become available, a number of Banks, MFIs and SACCOs are now beginning to use mobile platform to expand their BoP segments. It will be interesting to watch how this pans out for MF sector in India.
Vodafone Aims to Replicate M-Pesa’s Success in India
M-Pesa, the mobile-based money transfer and payment service that has been highly successful in Kenya since its launch in 2007, is now available in India by Vodafone, working through its fully-owned subsidiary Mobile Commerce Solutions Ltd (MCSL), and ICICI bank, the country’s largest private sector bank.
“To begin with, we have launched [M-Pesa] in the states of West Bengal, Bihar and Jharkhand,” says Suresh Sethi, business head for M-Pesa at Vodafone India. “A significant part of the population [of these states] migrates in search of livelihood and is still underbanked or unbanked. Our idea is to study their usage pattern, look at how customers adopt [M-Pesa], make it a success here, and then launch the service pan-India.”
anuj
Anuj K. Jain
Sr. Coady Fellow| Microfinance and Development| COADY International Institute
St. Francis Xavier University, Antigonish, Nova Scotia, B2G 2W5
"You can't solve the problems created by current pattern of thought using current pattern of thought."
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