Developing Countries Are Revolutionizing Mobile Banking – Vijay Govindarajan – Harvard Business Review

NPCI’s key innovations are:

Person-To-Person Mobile Banking

Instant, 24/7, 365 days/year operation — the first such remittance solution without the need for cards of any kind, money moves from account to account instantly using mobile as the channel

Works on all mobile phones

Mobile Money Identifier (MMID)

A unique 7 digit number for each account

Enables customers to link same mobile to multiple accounts

Removes chances of wrong transfer resulting from change of mobile numbers and typing errors

Mobile number and MMID combination uniquely points to a bank account

Works on the existing ATM Messaging, Switch and Network, making it easier for banks to adopt this quickly.

via Developing Countries Are Revolutionizing Mobile Banking – Vijay Govindarajan – Harvard Business Review.

Leave a Reply

Your email address will not be published. Required fields are marked *