Tuesday, November 23, 2010

Transfer Funds To Any Bank Via Mobile



Read this today morning on TOI. Simple enough concept that facilitates 24X7 fund transfers in real time. Register with the bank for a Mobile Money Transfer Identifier Number (MMID). Install the Mobile Banking app on the handset and that’s pretty much it. Of course, goes without saying that you need to have a mobile number and a Bank Account.

The article quotes “anofficial” (typo on the site) as saying “Nowhere in the world is a facility of this magnitude present”.

From all the places in the world one could think of - even a BETTER service is available in….. KENYA! It has been available since 2007. The users don’t need a Mobile Banking app or even a Bank Account. In March 2010, USD 351 million were transferred using this service.

Here is the link to the Kenya story.

I had read the news (about Kenya) the other day and was impressed that all the user had to do was send a TEXT message to transfer cash. What further impressed me was there was no need for a Bank Account!

Obviously the OFFICIAL can go ahead and claim he was referring to Bank Transfers specifically and NOT money transfers in general. Or he could go on and say that he MEANT it in terms of population.

Well - if you have a higher population, obviously there will be a higher number of users. There is very little to brag about on that front. Having a huge number of cellphone subscribers or bank accounts doesn’t really hold much weight when you are the second most populated country in the world!

Dikhaawon pe mat jaao…. Apni akal ladaao!


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