Thank you Anand, I hope this helps Sabina in her enquiry. I guess it will be quite a while before people in India (or in the UK for that matter) start genuinely to use their mobile phones as a real wallet, with no need to go anywhere. Some years ago a taxi driver in Nairobi asked me to pay him by Mpesa from my phone to his, and was surprised when I said I couldn't and tendered old fashioned cash money instead, but maybe he was exceptional.
Malcolm
Sent: Friday, October 16, 2015 8:48 AM
Subject: Re: [MFP] Who is offering digital financial services in India?
Dear Malcom,
Yes. The Sub-K offers these services in India for banks. They have reached many customers and are also facilitating the No Frill Account opening of the customers. They also have set up the transaction point at the rural area/villages where the customer finds it easy to transact in their bank account.
It operates on Wallet basis for the transaction point. while the accounts of customers gets updated from various transaction points at regular interval during the day. the deposit and withdrawal facility is available for customers at these transaction point/s.
The Sub-K and banks find it difficult to justify on commercials as the no of transactions and the balances maintained in these accounts does not make enough commercial sense for the bank. While on other side, the Sub-K finds commercially tough to provide the services, maintain transaction point viability, move away from support cost (much needed) and to position this as a viable business engagement for the village level (BC point)
Many BC points did express their inability to provide services on account of following:
1. Initial investment by them for Handhelds and wallet money
2. Commissions are based on no of transactions and they do not move on field as they are located in a place where max footfall is expected.
3. Difficult to maintain wallet and cash at counters.
4. Very low transactions as village economy is still cash economy.
Anand Naik
Anand Naik
On Saturday, 10 October 2015 10:58 AM, "Sabina Rogers rogers@microcreditsummit.org [MicrofinancePractice]" <MicrofinancePractice@yahoogroups.com> wrote:
Good evening!
I am conducting a very unscientific poll, trying to figure out how many (and which) MFIs in India are offering digital financial services. I'm talking mobile money: payments, ewallet, etc.
Thank you, everyone, in advance.
Best,
Sabina
Sabina ROGERS| Communications and Relationship Manager
MICROCREDIT SUMMIT CAMPAIGN | A Project of RESULTS Educational Fund
1101 15th Street NW | Suite 1200 | Washington, DC 20005
Ph : +1.202.637.9600 ext 128 | Fax: +1.202.466.1396 | Skype: jayaichyou | E: rogers@microcreditsummit.org
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Posted by: "Malcolm Harper" <malcolm.harper@btinternet.com>
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