Exclusively banked Universal Money Management using Phones.
Money through Mobile (mTm) for Inclusive finance to quicken inclusive growth.
Introduction. Most banks, both Public and Private have its limitations to take care of the needs of the un-banked in the lower social and economic strata. Naturally, huge volume of low value accounts such as envisaged in #PMJDY scheme in India eventually likely to lead most banks to collapse due to severe HR constraints and gross customer dissatisfaction for no fault of the banks.
The way out is to have digital online virtual banks with minimum human interface, exclusively to take care of the needs huge un-banked population especially in the lower social and economic strata.
1. Virtual money businesses need to be regulated. Of late, there had been mushrooming of many forms of Virtual Money businesses, both banked as well as unbanked. The hidden danger in this is that unless well regulated Virtual Money businesses can gobble up real money and disrupt nation’s economy.
To safeguard against this, RBI shall be the originator and custodian of all forms of virtual money, as encoded and encrypted data-strips with unique identification bar codes for every denomination of virtual money, that will need on-line authentication of RBI in its every transaction.
2. Money through Mobile (mTm) suggested in this paper envisages the idea of an exclusive virtual money management bank integrated with a payment gateway that will handle all forms of money management using phones, both mobile as well as fixed ones, taking care of all aspects mentioned above.
A detailed write up and power point presentation in the following links:
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Exclusively banked Universal Money Management by Phones (170115) (MS word article)
Exclusivly banked Universal Money management using phones (170115) (PPT presentation)
Also please see my blog: Response to Telecom Regulatory Authority of India Consultation Paper on USSD-based Mobile Banking Services for Financial Inclusion http://wp.me/p1ZsI2-uv
Abraham Paul. P firstname.lastname@example.org Tweet @PA_Paul