India To Reach 100 Million Mobile Money Subscribers by 2015

According to Tavess Research mobile money in emerging markets of Middle East, Asia, and Africa, is expected to cross 1 billion users by 2015 with India accounting for over 100 million subscribers.

Enabling purchases and transfers using mobile devices as wallet, mobile money has become an imperative service particularly in areas with high mobile penetration and limited banking facilities.

In these areas, operators are laying strong emphasis on providing enhanced mobile banking services that are increasingly being adopted by consumers who are looking for secure and convenient banking and bill payment options.

Although in nascent stages, the 790 million mobile subscriber base and the huge unbanked rural population makes India a very attractive destination for this service.