5 ways mobile money can change the face of rural banking
The lives of most of the people are dominated by the use of smartphones today. It is interesting to note how a mode of communication has evolved into a tool that makes everything so convenient and faster at the same time. Whether it is to seek directions or making transport bookings, shopping or accessing medical facilities, everything is possible with just a few taps on the smartphone screen. So, it is only natural that the financial sector would also want to go mobile. With “digital” becoming the buzz word, it is evident that an increasing number of mobile banking solutions and e-wallets are taking over. These services, when active in rural and remote areas, can promise a new hope for better development and growth in more ways than one.
Rural India has a significant impact on the country’s overall economic progress. So, empowering these areas with the convenience of mobile money can help bring better business and transparency. Also, for countries like India, China, Indonesia, Brazil etc. mobile banking is proving to be a engine of inclusive growth. Considering the huge number of mobile users in the rural areas of these countries, it only makes sense to make them better acquainted with the benefits of mobile money.
Let’s take a look at it in detail:
Financial Inclusion
There are people living in places that don’t have a basic banking structure. It means, they have to travel long distances in order to avail even the simplest of financial services. This is where mobile banking steps in because the use of mobile wallets eliminates the need to go to a brick and mortar bank structure per se. People can simply use their phone to avail a broad range of financial services.
Hassle-Free Bank Accounts
Mobile wallet platforms help people set up bank accounts without having to actually visit a bank branch which may be located painfully far away for those living in remote rural areas. It’s all about saving time, money and energy which can all be then redirected to other productive areas.
A Boost to Rural Businesses
Once the rural population begins to get comfortable with mobile banking and its various aspects like e-commerce and making instant digital transactions, they can apply the same technology to expand their businesses. Better reach and more convenience would automatically give a boost to all kinds of rural businesses. Once that happens, there would be a more secure flow of funds.
Easier Access to Economical Facilities
Thousands of people from rural areas often have to struggle to get their pension and wages paid or to avail benefits of schemes they are eligible for. With mobile banking, things would get a lot faster. This instant speed and simplicity of the same would prove to be an excellent solution to their woes. Moreover, the reduced transaction and travel costs is another advantage to look forward to.
Inclusive Growth
Mobile money in rural areas can significantly contribute to inclusive growth. It is a known fact that people in rural areas are usually scattered around. That means it is often not feasible for them to make long trips for making investments. Nor is it an economic option. On the other hand, the popularity of mobile phones in rural areas is high and once they realize how easy things get with mobile money, the entire sector could witness exponential growth. Whether it is to make online bill payments or to lend and borrow money, if it is all possible with mobile banking, people will have less things to worry about.
Mobile money can prove to be a boon for the rural economy. It is important to opt for a trusted solution that is known for its strict quality standards. In addition to that, the mobile money experts or service providers must adhere to regular and easy software updates that allow things to keep running smoothly. To put it in a nutshell, expertise, innovation and experience are all important factors that should not be underestimated.
Obopay, being familiar with different economies is well equipped with the latest technology that is needed to make mobile banking easier for populations in rural and urban areas alike. To begin with, Obopay provides agent assisted services. And agents can hold their own SVA (Stored Value Account) wallets to carry out services like bill payments and prepaid recharges. This benefits the customers as it becomes more convenient for them to reach out to the agents for loading and unloading funds, seek out registrations and so on. This form of branchless banking also allows people to enjoy flexibility at multiple levels.
When it comes to mobile wallets, Obopay’s multi-wallet feature takes it to the next level. Customers can create special wallets which they want to use for specific purposes. This eliminates the need to store cash in different places as it all gets digital. You can have corporate wallets, family wallets, wallets for NGOs and so on. It is this variety offered by Obopay that makes these services an ideal, cost-effective solution that is efficient in all aspects of mobile and digital banking in every way.
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