Tavess research published a report about mobile money recently and claims that India will have 100 million mobile money subscribers by 2015. High mobile penetration and limited banking facilities are encouraging rural users to adopt mobile money and mobile banking services offered by mobile operators. According to the research, there will be 1 billion mobile money users across middle east asia, africa and asia.
Recently, National Payment corporation of India (NPCI) launched a interbank mobile payment service through which users can conduct transactions through their mobile phone. So far, over 10 million users have registered for this service – a very lukewarm response according to tavess considering a 790 million mobile phone user base. Transactions worth 1.5 crore rupees were conducted in the month of April 2011 through NPCI mobile payment service. There are other mobile money services such as mchek which links your credit card or debit card with your mobile phone and allows you to transact via mobile phone. This service has seen the maximum uptake so far with over 2 million subscriber so far. mChek is closely followed by ngpay which has around 1 million subscribers. The more recently launched services such as airtel money is seeing some growth. There are other services too such as paymate, nokia-yes-bank mobile money service.