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 Thursday, October 16, 2008

MUMBAI: Mobile-based banking is the next frontier for banking in India. That's the one point everyone at The Economic Times Banking Technology Conclave 2008 presented by mChek agreed upon; whether they were bankers or technology providers.

Banks are not just relying on mobile based banking products to appeal to their urban clientele. They are increasingly looking at adopting the technology to reach out to the under-banked in the hinterland. "The unprecedented growth in mobile penetration in the country presents India with a unique opportunity," said Sanjay Swamy, CEO of mChek. In fact, there are almost 10 new mobile users added every second on any given working day, he added.

According to data released by the Telecom Regulatory Authority of India (TRAI) in June this year, the Indian population had reached 28.3% mobile phone penetration - supporting a whopping 287 million individuals. With that number rising at almost 9 million every month, the opportunity it presents banks is certainly huge.

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Source: The Economic Times (India).

Thursday, October 16, 2008 2:35:50 PM (W. Europe Standard Time, UTC+01:00)  #     |