Driving financial inclusion in India: A study on mobile -wallet services offered by banks in Kerala

Over the past few years, the mobile phone industry in the country is one of the fastest growing markets in the world. Taking benefit of this competitive situation banks have started using this channel for rendering various financial services. However, mwallet services offered by banks have still not come up with a successful business model. But, if utilised properly this can be a powerful channel for banks in reaching the mass unbanked population especially in the rural area. The present study explores the possibilities of m-wallet services in Kerala market. The results of the study suggest that scope of these mobile based services is enormous, but banks need to take effective steps in increasing the usage rate of these services. Currently, it is very much related to checking the balance or getting various messages from banks.