Universal Un-banked or Exclusively banked Money Management by Phone, to enable ‘Financial Inclusion’ of people in the lower strata across the country.
Author: P. Abraham Paul. http://wp.me/p1ZsI2-4g
Introduction: Universal money management using phone, a path breaking state of the art idea to enable all sorts of day to day money transactions through phones is a non-banking product that will accelerate ‘Financial Inclusion’ of people in lower economic strata across the country and will become an effective tool for supporting their Micro Finance needs in addition to facility to communicate.
Money through Mobile (MTM), is just an acronym used herein that explain in short the idea, features, products, services, the technology involved, the business aspects and the need and advantages it can provide to society as a whole with a vision that in nearest future converged Mobile and Fixed devices will become simple tools that would enable comfortable life style for everyone; young and old, from ultra rich to the poorest in the country.
Money through Mobile (MTM) is different from Mobile Banking.
Money through Mobile (MTM) system as proposed herein is not to be confused with mobility in Banking service or service of e-banking using Mobile phones as being currently provided by banks as ‘Mobile Banking’.
‘Money through Mobile’ (MTM) system is transparent to regular Banking industry.
All transactions in MTM service, involving Banks, Post Offices and other Financial institutions; will be in the same position and functional level, using same technology, product and features, at par with what are available to all MTM users.
Money through Mobile (MTM) will not disrupt Banking Industry.
There is this biggest myth that Un-banked Pay-by-Phone service will be disruptive to Banking industry. From the foregoing it can be seen that the fact is actually other way around.
In fact MTM will be an exclusive banking system by itself with required supporting mechanism in place to handle its clients needs transparently without much human intervention at day to day operation level. Therefore, the set up can be termed and treated as an autonomous ‘BANK’ exclusively set up to handle all sorts of Money Management Using Phones. Call it ‘MTM Bank’ or ‘Aadhaar Bank’ or whatever.
Universal nature of the system:
The system proposed in essence is Universal in nature as it can provide service across disparate Telecom systems, Mobile as well as Land line phones and also for people who are not owning phone across the country.
As there never can be something ‘Perfect’ in any planning strategy, it is prudent to go ahead making best use of contemporary systems, products and solutions to the possible extent wherever possible instead of waiting for years for digitalization happen in every village and remote places. Accordingly, the proposal has taken into constraints and limitations regarding non availability of conducive eco system such as power supply and the current position of non-reach of telecom in vast areas of rural and remote areas.
Roll out the project beginning form places where such support system is readily available. Financial inclusion of people in the lower social and economic strata, across the country that include in urban areas, its suburbs, towns and villages where required infrastructure, power supply and telecom facilities are readily available, implementation of the proposed should begin in such places and then move towards remote areas as the needed eco system and the environment are getting ready.
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Please read the detailed article and power point presentation in the above links wherein I have explained in detail how this could be realized.
Government should make use of the already achieved high density telephone coverage to implement the system as proposed in this paper, in the Urban and suburban rural areas where ever telephone connectivity is already there and in remote places where is no telecom facility with MTM Franchisee outlets that can provide services using MTM set top boxes or Specially designed TABLETS with connectivity to MTM system using Satellite links.
MTM system linked with Aadhaar, it is possible to provide MTM service to people who do not own any phone, through MTM Franchisees, Public call phones provided in Post offices, Panchayat offices etc.
For more information please contact by e-mail email@example.com or tweet @PA_Paul.
Abraham Paul. P.