Recent trend in mobile banking in Indian markets

The invention of mobile phone has brought about revolution not only in the mode of communications, but it has also opened the path of financial inclusion. India is one of the two Asian giants with huge population. However, a significant part of its population lives in rural areas deprived of access to the formal banking facilities. The use of mobile phones for mobile financial services has turned out to be a means of financial inclusion of these segments of the population also. In the context of India, various drivers and barriers for the growth of mobile money industry (MMI) have been analysed. In recent years, certain developments such as 'demonetisation' have pushed up the mobile financial services in India dramatically. The growth of the usage of smart phones is expected to push up mobile financial services (MFS) in the coming years significantly. The projects like 'ASHA' are making mobile banking (MB) in India much popular. It is expected that in the coming years, mobile banking in India would register an impressive growth.