Mobile Payment Services

Mobile payment services which are estimated at $ 350 billion payments and bank transactions in 2015 could lead to around Rs 20,250 crore as fee income for banks and telecom companies, according to a report, Boston Consulting Group (BCG).

"It's much cheaper to provide banking and payment services using cellular technology to build new offices," the Indian BCG partner and director Neeraj Aggarwal, told reporters here after releasing a study on "Rush to Mobile Money: Master Stroke or Madness? ".

"Mobile-based business services, correspondents, who are authorized to conduct business on behalf of banks, customer service in less than 50 Paisa significantly lower than the R branch at 40-60," he added.

Mobile payment service users was 1.1 crore in May 2011 compared with 400 users in August last year, and estimated transaction value of Rs 1.6 crore.

Regulation favorable to the consumer a unique identification number of the motion to accept the technology, electronification of payments would be paid the money moving well Augur, says Aggarwal.

BCG expects 70 per cent of Rs 20,250 crore to come from urban areas and rural areas, giving the government $ 40 billion payments, including payments under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

From person to person transaction is expected to be $ 70000000000 for domestic and international money transfers, he said.