Financial Inclusion through Mobile Banking in India

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Kazi Imran Moin
Dr. Qazi Baseer Ahmed


Information technology is the key for financial inclusion because that is the only way to reduce the cost significantly and reach the
masses. But all technologies are not suitable for financial inclusion due to affordability, accessibility, security and privacy. In the last decade,
mobile phone technology has emerged as the most potential and well suited channel for financial inclusion. M-banking as a new type of banking
services carrier can provide efficient and effective financial services for unbanked and rural peoples in India. Increased cellular service users in
rural Indian provide wide opportunity to expand m-banking service in India. Mobile phone, although a critical tool of financial inclusion, does
not guarantee adoption. Their major shortcomings are network coverage, security, low cost effectiveness, inconvenience in using mobile
handset, IT literacy etc. There are many challenges in adoption and successful implementation of mobile technology especially in rural areas.
In this paper an attempt has been made to explore the potential of mobile phone technology in accelerating financial inclusion in India. This
paper defined a set of customer requirements to m-banking services in India and highlights pitfalls of the mobile technology for financial
inclusion along with opportunities for their improvement.



Keyword: Mobile banking, financial inclusion, ICT, Telecommunication


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