mPay Insights 2014

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If technology led financial inclusion is likely to be the answer for cost effective, rapid deployment and quality services for the bottom of the pyramid, mobile enabled technology is expected to act as a disruptive catalyst for this growth which the economy needs and wants to witness.

The new bank licenses on universal banks and payments banks will lead to emergence of new business models driving innovation on channels to reach the last mile. Role of mobile based technology solutions being a gamechanger cannot be overemphasized.

The key question is how soon mutually beneficial business models can emerge; converging the divergent interests of customers, merchants, telcos, banks and device makers.

The report takes a closer look at how to translate the investments and efforts of each member of the payment ecosystem into transaction volumes warrants a discussion on three broad areas on:

• Retail mobile payments - Current scenario, challenges and future roadmap.
• Mobile led financial inclusion - Need for a collaborative model.
• Ecosystem support to make mobile payments a success - From policy interventions to technology inventions.

These topics are discussed in greater detail, and some new ideas are presented in this report, which I hope you find useful.