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The success of mobile banking in the developing world has been a story of mixed results, but recent initiatives suggest that the technology is on the cusp of delivering sophisticated financial services to the poorest segments of society in India.
The latest innovation is the Interbank Mobile Payment Service (IMPS), a joint venture launched in November by seven major banks, including State Bank of India, ICICI Bank, Axis Bank and HDFC Bank. This service makes it possible to transfer money for everyday payments using a mobile phone, and while it is not the first of its kind in India, the hope is that it will provide the impetus for a long-awaited breakthrough.
Read more at Financial Services Briefing: “Lenders team up on mobile service” (December 20th)