Mobile Banking Modernize Banking Transaction in India

The face of banking changed after smartphones invaded the banking arena. Mobile banking is having a transformative effect in both established and emerging economies, according to Richard Johnson, group strategy director of payments service provider, Monitise plc.

Johnson is calling all banks, payments networks, and mobile network operators to work collaboratively for modernization of banking processes worldwide.

“Whether it is a consumer with multiple bank accounts who needs to stay in constant touch with their balance, or a mobile phone user who has never been in a bank or has no previous financial relationship, it is clear that India, steered by the progressive approach of the Reserve Bank, can lead the way in providing mobile financial access,” said by Johnson.

Monitise, one of the world’s leading providers of mobile banking and payments services, recently launched an Indian joint venture with Visa aimed to accelerate the implementation mobile financial services in the country, and is also working along the same lines with Standard Chartered.

In addition, a comprehensive research by ABI Research suggests that five years from now around 407 million people worldwide use their mobile devices in their financial and banking transactions.

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