Rural India Is Banking On The Phone
Banking solutions in rural India are about to get a new lease of life with a wireless technology solution deployed by NXP semiconductors. Already tested as a pilot in the southern Indian state of Andhra Pradesh, this path-breaking technology involves a banking representative carrying a mobile phone, a smart card reader and a finger-print reader and going to villages where people can use these to make transactions. The incorporation of the finger print recognition was necessary since a lot of the population in rural India is illiterate and does not use signatures. So will this open up a whole new world of possibilities for rural India? Slowly, but surely. With Indians being very comfortable with mobile phone technology, avenues such as these will only see them take a step towards their own convenience. SBI, one of the banks who have tried this technology already has a wide reach in the country with the maximum number of ATMs. This kind of technology will only see it reach reaching further. A recent interest from State Governments in this technology can also see a possible extension to employee and pension schemes. So not just banking, rural India could get a lot going for them on the mobile phone.