• Banking and financial services is a US$ 250 billion industry in India
  
  
• Indian e-commerce market at US$ 6.7 billion currently is approximately 3% of the U.S. e-commerce market, promising huge opportunities
  
  
• 40 banks have already been given the green light by India’s central bank (RBI) to offer mobile banking, may also adopt the Interbank Mobile Payment Service
  
  
• With more than 100 million Internet users, the country is beginning to achieve a critical mass of users who are familiar with web services
  
  
• Using Unique ID, a customer who has a mobile phone will be able to open a mobile linked no-frills account
  
  
• Only 41% of the adult population in India has bank accounts

Money transfer through mobile banking

Raju Mishra earns about Rs 5,000 a month working as an Auto Rickshaw driver. He finds it difficult to transfer money to his family back home in U.P. But Raju is able to use his mobile phone to send money at regular intervals and at a low cost to his family within minutes using the mobile operator’s money transfer service. India, with mobile phones reaching over 790 million people, compared with only 90,000 bank branches and 45,000 ATMs, provides an ideal case for leveraging low-cost mobile services to provide financial inclusion.