Enhanced mobile payments technology, along with 4G introduction will prove to be a game changer, facilitating the implementation of government’s social sector schemes in a faster and more secure manner, says the Economic Survey conducted by the Ministry of Finance.
The survey has identified mobile networks as one of the key tools for financial inclusion. It also says that the contrast with India’s mobile operator penetration is instructive. Mobile penetration in two states islower than 60 per cent, Bihar (54 per cent) and Assam (56 per cent). Moreover, there are approximately 1.4 million agents or service posts to serve the approximately 1010 million mobile customers in India, a ratio of about 1:720.
India should take advantage of its deep mobile penetration and agent networks by making greater use of mobile payments technology. Mobiles can not only transfer money quickly and securely, but also improve the quality and convenience of service delivery.