Many of India’s unbanked have more financial freedom thanks to mobile money solutions, results from the GSMA Global Annual Adoption Survey for Mobile Money suggest.
And one of the most successful is MoneyOnMobile, a subsidiary of Calpian Inc.
“2015 was a tremendous year for the company,” MoneyOnMobile founder and president Ranjee Oak said. “We added over 50,000 new agents and increased our monthly processed volume over 250 percent.”
Mr. Oak said more than 600 million people in India are unbanked and forced to rely on cash. MoneyOnMobile has more than 300,000 agents across India which allow people to digitally pay bills, transfer money and make other purchases through their phones.
Technology plays a key role in significant changes India is currently seeing Calpian CEO Harold Montgomery said.
“Consumers in India have gone from no phone service to over one billion mobile phones rapidly. Now, Indian consumers are embracing a shift from cash to mobile payments, skipping bank accounts and plastic cards used for credit and debit card transactions in the West.”
The GSMA represents close to 800 mobile operators worldwide.
Tony Zerucha is the managing editor of Bankless Times.
A two-time LendIt Journalist of the Year nominee, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.
"The evolution of the crowdfunding and peer-to-peer lending scenes is absolutely fascinating to chronicle. It is a joy to be around people with such passion and vision."