India has always been a hotspot for mobile banking, but in the last few months, industry analysts have noticed a sudden spike in use of the technology. According to reports published on Monday (March 28), the nation saw a 46 percent increase in the value of transactions conducted over mobile devices last December compared to the month before.
The statistics were released by the Reserve Bank of India, which also found an 82 percent increase between Sept. and Dec. 2015 of mobile banking transaction value.
With smartphones landing in consumers’ hands across the country, it’s no surprise that India is participating in the rise of mobile banking seen across the globe. But Livemint reported that, according to bankers in the country, the spike is likely attributed to an increase in corporate users of the tool.
“Our economy is now graduating into an interaction-based economy,” said technology consulting firm Ascentius Consulting’s founder, director and principal analyst, Alok Shende, to reporters. “Customers are highly concerned about the time and expense related with making transactions at an outlet or a branch.”
The State Bank of India (SBI) reported a fivefold increase in the average value of transactions done via mobile devices, reports said; that spike is linked with the bank’s rollout of two new mobile banking apps — both for corporate clients.
One of those new solutions was the State Bank Anywhere-Saral tool, geared specifically for SME users. Soon after, the bank introduced the State Bank Anywhere-Corporate for larger business clients.
“We have about half a million corporate banking customers on our Web banking platforms, and we want to bring most of them on mobile by September,” said SBI Deputy Managing Director for Corporate Strategy and New Business Manju Agarwal.
Reports said bill payments and money transfers are top among the types of transactions being carried out over mobile devices, as well as eCommerce purchases by consumers.