Mobile banking – the future of the Indian telecom sector

The Indian telecom industry has undergone its periods of ebbs and flows since its inception. Having overcome various infrastructural and demographic impediments along the way, the sector has shrugged off its sluggish start to tap into rising demand from an increasingly discerning consumer. With the advent of faster and more reliable network connectivity, online payment platforms and the need to usher an era greater convenience in monetary/commercial transactions; the future of the mobile telephony sector now lies in mobile banking. This provides a win-win situation for MNOs and consumers – urban and rural alike; furthering a profit making and financial inclusive agenda. Mobile companies need to think beyond their existing revenue models and embrace this pertinent reality. Realisation needs to be backed by further infrastructural and operational improvements in order to leverage the potential of mobile banking services.