July 2015

Digital Payment Services for All

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Shashank M Joshi, Managing Director, MoneyOnMobile

Shashank M Joshi, Managing Director, MoneyOnMobile

There is a strong penetration of IT in India. Technology is one such thing which brings disruption, and disruptions are taking place in India. However, this will take the country forward in terms of payments, financial services, financial inclusion and the likes. Technology will surely make a huge difference in the lives of people.

MoneyOnMobile is essentially a mobile payment company offering mobile wallets to the consumer. Looking at the Indian consumers, there is a trend that we are moving from feature phones to smart phones. However, there is still 60 per cent of country’s population that uses the feature phones and we have done innovations on technology using SMS, so that the common man can have the convenience and solve their problems. Recently, we have enabled a service called Mobile Money Order, which is an instant transfer of money to beneficiary’s bank account on a single SMS and that is the latest change we have brought in.

Financial inclusion is one of the subjects that is close to our heart and we have been participating in it since the time of Financial Inclusion & Payment Services (FIPS) 2013. Elets is growing and is widening its footprint. It has done a great job and should continue doing the same.

 

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