22 May '11, 7am

Growth eyed in Indian mobile banking sector

Growth eyed in Indian mobile banking sector

Hundreds of millions of poor Indians who have no access to financial services could benefit from mobile banking. -- ST PHOTO: NG SOR LUAN MUMBAI - HUNDREDS of millions of poor Indians who have no access to financial services could benefit from mobile banking, experts say, as cell phone use grows at breakneck pace. Banking by phone could transform the workings of the rural economy, but the industry first needs to allay fears about transaction security and overcome low literacy levels and banks' limited reach in remote areas. Leading figures from the telecoms and banking sectors meeting in Mumbai last week said that mobile banking - including money transfers, bill payments and remittances - was largely untapped. 'The potential for mobile banking is enormous, but it will take its own pace to grow,' Amit Ahire, analyst at Ambit Capital, told AFP. One in 10 of the world's mobil...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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