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Loading ...A high level analysis of Mobile Payment Services.
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We have developed a software wherin thru SMS oferings to Religious organsations and Charitable Institutions can be sent,same is charged in the subscribers bill.We initiated a soft launch in Karnataka and ran successfully for about 3 months. We have signed up agreements with about 15 prominent religious as well as Charitable organisations.Our website shows the exact process how the SMS is sent and how the subscriber gets a reciept on his mobile almost immediately. We have realized that setting up this activity on a National level needs a larger VAS/Mobile company who has the relation with cellular service providers to take it forward as the potential is huge.
Hola,
In Japan, NFC technology is used for most mobile payments. This can be through bluetooth or RFID. The only problem is the the handset must be enabled and the merchant must have a compatible POS device. Just swipe, enter pin, enter amount and enter product code. A message goes to the merchant who in turn enters his pin, amount and code and the transaction is complete. This can happen with or without banks being involved.
Hi all,
I was just going through the views of all of you and are really helpful to understand the industry in all aspects. What we missed here was to summarize what are the key points to conclude:
- Cash cards which are not associated with the banks are not a part of the debate as there is no guideline from RBI side; however RBI is seriously looking at the revenue loss and the risk of having a parallel payment mechanism; which is against the KYC/banking norms.
- The mobile payments models which are available today in India do have a level of threat to the business model as Mobile to Mobile or mobile to any other account transfer (except bank/credit card) is not allowed in India. Unfortunately, convenience factor to the end consumer do come first here and all the payment mechanism like mentioned above are only available in our presentations to banks and financial institutions and would take years to educate people (the “aam- aadmi”) and so would the revenue model & business. Till then, all the models riding on this principal are at stake as we really don’t know what shape our business would be taking tomorrow because of the government regulations.
I would be interested in your thoughts on underlying Motivation for Banks in India to provide Mobile Payment services. Especially when the recent RBI regulations puts the complete burdon on Banks.
Hi
I have a question on regulations/guidelines starting a new mobile payments company.Should I approach RBI for that?ANy pointers will be greatly appreciated.
Thanks
Hello, interesting comments about m-banking possibilities. I work w/BOP (Base of Pyramid) businesses & have seen some working solutions…& a few failures. Ashish, ‘Not much in it for end customers’ ? - need to define ‘end customers.’ There are millions of people in rural communities in developing countries that can benefit from m-transactions (remittance transfers, payments, etc.) A few examples that I believe are very intriquing models to pursue :
- Philippines (considered birth of Mbanking) : SMS savvy culture, well-supports the ‘Smart Money’ system allowing transfers from bank account to SmartMoney accnt- a re-loadable electronic wallet. ‘SmartLoad’ - electronic airtime transfer, subscribers can buy prepaid packages from resellers(no physical card!) Many of these local resellers offer customers credit to buy the telco packages - microfinance at it’s core. Then there is the well know example of G-cash, users don’t need a bank accnt - a customer advantage compared to many other offerings. Most importantly G-cash supports microlending -helping Rural Bankers Assoc for customer loan repayments. Very useful indeed for end customers.
-Africa: Wizzit -sprouted up recently, allows customers to make p-to-p payments & transfer money, among other services. More info:
http://www.parismfn.org/parismfn/mobilebankingsouthafrica.html
M-Pesa’s prgram w/Faulu microfinance allows customers to mk deposits, transfers & withdrawals(-from microloan disbursement, for example).
-Bangladesh: Grameen Phone’s VillagePhone program is a good example of end user benefits, working w/BRAC, subscribers can check loan balances, amongst other services - more under development. GP’s mid-market customers are targetd with the new CellBazaar service - no payment feature (yet) but great model for telco fees.
-India: Pitroda’s ‘Exchange wallet’ from ‘05 -a great example of convenient apps w/cell-to-cell remittances. (http://www.livescience.com/technology/ap_050620_cell_wallet.html) more on the horizon from them….
Although India adds about 5mil subscribers/month - keep your eye on Africa which is currently the fastest growing mobile region globally. There will be many races for profitable, working technology solutions to reach the rural poor- xfers, payments & remittances will surely be in the lead. If you know of other successful BOP examples, please share. thank you, Carol
Hi,
I am providing the list of mobile payment companies in India.
1) Paymate ( http://www.paymate.co.in)
2) NGPAY ( http://www.ngpay.com)
3) Mchek ( http//www.mchek.com )
4) ITZCASH ( http://www.itzcash.com )
5) Obopay ( https://www.obopay.com)
6) NXTPAY ( http://www.nxtpay.com )
Now i assume that it will be be around 2 years from now fro mobile payments to gain user acceptance . Anyway the one who acquires the maximum customers by this time will become the king and rest of them would be prospective aquistion targets for mastercard/Vis or a paypal or a bank or even online companies like yahoo or google!
Krish, Good points and I agree, but lets not assume that M-payment is just about credit card like transactions. I do think mobile banking has some potential..
Sanjay: “A prepaid charge as a tradable currency” - Why?
There are much simpler solutions out there for re-filling ones prepaid account
Ashish,
You had almost lost me on your PPP, but now you have me thro your last post which is excellent. But your conclusion *I do see an opportunity to sell services to a small, technology savvy affluent crowd, but its not for aam janta* - isn’t quite up.
Don’t you think the small, tech savvy affluent crowd are so because they are inherently smart ? They use a credit card, pay the full dues near the due date ( enjoy free credit and manage their budget efficiently that way ) without interest on lifetime free cards. They get fantastic credit rating and their mail box is choked with pre-approved low cost loans and other goodies everyday. Do you think they would trade all these freebies in for high cost, risky, cumbersome Mobile payments which has none of these ? Would carriers ever offer Mobile transactions free for lifetime ? I clearly don’t see an urban alpha taking to M-payments seriously so long as free of interest credit cards are around - it will have to seek opportunities elsewhere.