Mobile Financial Services: Technology Initiatives toward Financial Inclusion

By : Jyoti Agrawal

Page No: 345-352

Abstract
Making and receiving payments are important activities of an economic system. There are various modes to handle these financial activities. The Government of India envisions including all its citizens to the framework of financial services which is supported by limited formal infrastructure. Currently, mobile phones are commonly available and extensively used for a vast variety of purposes. Financial services that take improvement of this novel channel (mobile phones) can contribute significantly to financial inclusion as Mobile Financial Services (MFS) have the potential of reaching out considerably to a huge mass. But some uncertainties remain regarding the environment required to develop its potential. The present paper focuses on the scope of MFS in India to achieve the vision of financial inclusion. It also stresses upon the benefitting concerns and hindering factors of MFS. The Government of India is planning to reduce inequities between people living in remote areas and urban areas in context of availing financial services. To check the possibility of spreading MFS in remote areas, it is primarily required to check its adaptability in urban areas where required technological knowledge is comparatively high. Therefore, the present study undertakes the level of customers’ awareness and practice regarding various aspects of MFS in the urban areas. Finally, it proposes the future prospects of MFS.

Authors :
Jyoti Gogia : Assistant Professor, Department of Economics, Faculty of Social Sciences, Dayalbagh Educational Institute, Agra, U.P., India;
Jyoti Agrawal : Teacher, Dr. MPS World School, Agra.