Mobile Banking for Financial Inclusion: Adoption and Challenges

Financial inclusion enables inclusive sustainable development of the country. Technology is the key to financial inclusion. Mobile phone has emerged as the most popular, promising and well suited technology for financial inclusion. Mobile banking as a technique of financial inclusion has great scope in India. However, it is seen that in India, majority of people have not adopted this upgradation of banking technology rather they prefer banking in traditional way. This paper looks at various factors influencing the adoption and acceptance of mobile banking and also try to look at the challenges with mobile banking. The study is based on both primary and secondary data. To collect information 20 customers each from three banks of Jorhat town were selected as sample respondent. As a result, total number of sample respondents were 60 from whom primary data were collected. The relevant secondary data were collected from journals, magazines and websites. The study reveals that adoption of mobile banking depends upon factors like compatibility, trialability, complexity and perceived risk. Again there are number of challenges with the adoption of mobile banking which are to be addressed to make mobile banking a great potential for financial inclusion.