Mobile money will witness rapid growth over the next 3-5 years in India due to increased rural presence of Mobile Operators in Rural India fueled by favorable regulation, rising penetration of smartphones as their prices are more affordable, and acceptance by retailers.
What is Mobile Money ?
We define it as mobile banking, money transfer, and m-commerce. This includes using Airtel Money to transfer money into another Airtel Money account or bank account or mobile number. One could pay one’s driver his monthly salary by transferring money using bank’s smartphone into his mobile linked bank account using his mobile number and mobile money ID. Alternatively, paying from one’s smartphone into the driver’s Vodafone mpesa wallet would allow him to