Universal Money Management by Phones.
Abraham Paul. P.
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 generic non-banking service that will accelerate ‘Financial Inclusion’ and an effective tool for supporting Micro Finance needs especially of people in lower economic strata across the country.
Money through Mobile and MTM, an acronym in short herein explain the idea, features, products, services, the technology involved, the business aspects and advantages it can provide to society as a whole and the importance of need to regulate it from the beginning.
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 envisaged to be transparent to regular Banking industry. All transactions in MTM service, involving services of Banks, Post Offices and other financial institutions will be in the same operational and functional level, using same technology, product and features, at par with what are available to every MTM user.
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. Money through Mobile (MTM) as envisaged herein will only supplement and enhance current banking system.
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