Starved of cash, half of India awaits a mobile money revolution
Tuesday, January 28, 2014
In most past of urban India today, getting an ATM machine to spit out cash or transfering money through your online account is an afterthought. In rural India, it’s a luxury.
Only an estimated 30,000 of the 600,000 villages in the country have bank branches. This translates to around over 700 million people—over 60 percent of its 1.2 billion population—with mobile phones but no bank accounts, which is a catastrophe when it comes to the rural poor being able to receive payments or pay for basic goods and services.