Mobile wallet won’t take off in India unless direct withdrawal allowed: Experts

Friday, October 3, 2014

KOLKATA: The first wave of telco-backed payments banks is slated to charge up India’s mobile banking turf but explosive growth in mobile money transactions, mirroring the Africa experience, won’t happen unless RBI allows direct cash withdrawals under mobile wallet services, leveraging the reach of telecom retail networks, mobile operators and sector analysts told ET.

Wallet services are typically offered by telecom firms. A mobile wallet is a software application in a handset that functions as a `virtual’ container where cash is stored digitally and can be used for DTH service top-ups, mobile recharges, paying utility bills, buying rail to movie tickets.

Source: The Economic Times (link opens in a new window)

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financial inclusion, financial services, mobile money