Mobile phone based business models. Sundar Murthi CAB

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1 Mobile phone based business models Sundar Murthi CAB

2 Session Plan Overview of mobile business Mobiles for banking Guidelines for mobile banking Technologies for mobile banking Mobile banking solutions in India International Experiences Concluding thoughts

3 OVERVIEW

4 Mobile phones are here to stay

5 Are they?

6 Mobile Phone Penetration % % 49.60% % % % % % 80.00% 60.00% 40.00% Number Penetration % E 2014E 2015E 0.00%

7 Teledensity Source: TRAI

8 MOBILES FOR BANKING

9 Mobile Banking Works for both Customer Easily accessible Mobile phones part of most urban and increasing part of rural life Real any time money Banks Cost effective solution Real solution to reaching out to remote areas Technology already present

10 Comparative Costs As per a study, mobile banking based transaction cost is about two per cent of the branch banking cost 10 per cent of the ATM based transaction cost and 50 per cent of the internet banking cost

11 Increasing use of m-banking Capgemini Retail Banking survery 2012

12 Possible scenarios

13 Payment Landscape

14 GUIDELINES FOR MOBILE BANKING

15 Mobile Banking in India Bank-led model suitable for providing banking services providing all four services deposit, credit, micro-insurance and remittances adherence to KYC / AML requirements Model endorsed by Inter-Ministerial Group of Govt. Of India Non bank-led model suitable only for remittances other three products identified under financial inclusion cannot be offered by a non-bank successful only in a few countries due to presence of a monopoly operator, very poor banking infrastructure and availability of a national identification number

16 Evolution of Mobile Banking Guidelines 2008 First guidelines on Mobile banking Banks licenced and supervised in India were permitted to offer mobile banking One time permission by RBI required Service restricted to customers of banks Only operations in Indian Rupee permitted

17 Security and operational aspects Services should be available across all mobile networks Interoperability must between banks and mobile service operators and use formats like ISO 8583 Mobile transactions permitted though validation through 2 factor authentications One of the factors to be mpin End to end encryption when mpin is used Proper encryption & security at all levels of processing

18 Limits on transactions Rs 5000 per day transactions for fund transfer Rs per day transactions for purchase of goods Rs. 50,000 per day for both fund transfer & purchase of goods Rs 1000 can be facilitated without end to end encryption Remittance of funds for disbursement Rs 5000 per transaction and Rs per month Without encryption limit raised to Rs 5000 Daily limit of Rs 50,000 removed, banks to fix own limits

19 TECHNOLOGIES FOR MOBILE BANKING

20 Short Messaging Service (SMS) SMS allows wireless transfer of text upto 160 characters between cell phones From phone message goes to a SMS center (SMSC) Low security due to unencrypted storage in senders phone Limited query based usage

21 Wireless Application Protocol (WAP) WAP is a technical protocol for accessing internet Mobile based browser Internet banking accessed through mobile Same security features as internet banking Anti-virus for phones? Connectivity issues?

22 Voice Channel (IVRS) Voice channel uses basic functionality of phones Menu driven interface Dialects, complicated menu options, long Dialects, complicated menu options, long transactions times impeding factors

23 SIM Toolkit Applications (STK) Application code embedded in mobile SIM card Independent of phone or network Mobile banking application would be implemented utlizing the STK builder Possible to embed higher security features Ex: mpesa in Kenya

24 Apps Software designed for particular mobile software e.g. Android, ios, Symbian Downloaded by user and provides interface to bank Kiwi Bank example

25 Unstructured Supplementary Service Data (USSD) Specific to GSM network USSD is session oriented, unlike SMS Turnaround time is lower, there is no storage at phone level, works through all phones

26 Comparison Security Usability Ease of Maintenance Customer reach STK High Medium Low Medium WAP High High High Medium Voice Medium Low High High SMS Low Low Low Medium USSD Medium High High High Android High High Medium Low Apple High High Medium Low Blackberry High High Medium Low

27 MOBILE BANKING SOLUTIONS

28 Interbank Mobile Payment Service NPCI video IMPS Presentation

29 IMPS statistics

30 Mobile Kisan Credit Card Launched in Villupuram dist of TN by Pallavan Gramin Bank Use mobile phones for purchasing farm inputs, cash withdrawal and deposits PGB uses SMS and IVR facility through a partner PayMate Video

31 Mobile Wallets Semi-closed payment options Airtel Money one of the pioneers Allow mobile recharges, bill payments, DTH recharges, shopping(?), book tickets Tied up with Axis Bank for basic banking account with mobile facility Limits upto Rs 10,000

32 INTERNATIONAL EXPERIENCES

33 M-PESA (Kenya) Probably the most successful mobile banking experiment Uses the STK technology Vodafone and Safaricom are partners for m-pesa Safaricom uses a an e-float to receive deposits into user s account and payments made out of that. Remittances an important part of m-pesa Video

34 WIZZIT (South Africa) Launched in South Africa in 2005 First channel to use USSD based cellphone banking Only mobile number of the receiver required Mobile number automatically mapped to user s account WZZIT

35 G-Cash and Smart Money (Philippines) Driven by telecom companies Mainly used for merchant transactions but can also be used for cash transfers Use SMS and USSD technology G Cash

36 IDEAS FOR DISCUSSION

37 Newer technologies? IDRBT has recently launched the Mobile Banking Security Lab The Lab aims at exploring and providing solutions for safety, security, reliability and inter-operability for both on low end and high-end mobile sets The Lab will provide the benefit of a common technical centre for all banks and financial institutions testing platform for testing security applications in mobile banking providing education services on security related matters

38 Role of MNOs Leveraging on MNO existing networks More active participation?

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