Mo­bile Money: A So­lu­tion for Fi­nan­cial In­clu­sion

Consumer Voice - - Mobile Wallet -

In­dia has about 100,000 bank branches but only five per cent of these are in ru­ral ar­eas. Send­ing money through banks be­comes near im­pos­si­ble for the mil­lions of vil­lagers who mi­grate to big cities for work. So far, most mi­grant work­ers have had to send money home in cash, through rel­a­tives or ac­quain­tances who hap­pened to be trav­el­ling back to their vil­lage. This method, apart from be­ing time-con­sum­ing, also has many risk fac­tors at­tached and causes stress to the sender as well as the wait­ing re­ceiver.

Un­for­tu­nately, gov­ern­ment-as­sis­tance schemes like JSY and em­ploy­ment plans like Ma­hatma Gandhi Na­tional Ru­ral Em­ploy­ment Guar­an­tee Act (MNREGA) that are meant to em­power the poor have

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