Other Service Providers
2011. Its inherent disadvantage is that it does not allow cash-out. It does not have a pan-India tie-up with any bank, except for a small fraction under tie-up with Axis Bank. called Aircel-Mobile Money and another mobile platform through VISA in early 2013. It offers a wide range of financial services including cash deposits, cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit and utility bill payments. The company has a tieup with ICICI Bank. On sign-up, their customers will be able to use the service instantly on any mobile phone even without data connection.
M-wallet adoption so far has been low primarily due to lack of awareness as well as low penetration of information and communication technology (ICT) networks. Financial inclusion is the need of the country and the m-wallet can play a crucial role in