June 20, 2014
Why mobile money has failed to take off in India
Despite boasting 15 mobile money services, India lag so far behind other developing nations. Quartz looks into the reasons why.
In much of the developing world, mobile money is evolving. Initially just a means of making payments, it’s now becoming a platform for an entire financial-services industry. But one of the world’s biggest and poorest countries has remained immune to the attractions of mobile money. Despite the potential benefits, “the uptake has been limited,” says Graham Wright of MicroSave, a financial-inclusion organisation working in India. “And because of those challenges, the mobile operators are unsure about how much to invest in this business.”
Analysts think that mobile money transfers in India could be worth $350 billion annually (paywall) by next year. Yet the state of the industry remains small: Less money moves through wireless transfers in India than in either Pakistan or Bangladesh, both of which have smaller, poorer populations.
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