India's push to provide access to financial services through mobile means took another step forward when Shri P. Chidambaram, India's Finance Minister, recently announced the launch of a National Unified USSD Platform by India's National Payment Corporation. 

The NUUP allows the millions of Indians who lack access to physical banking locations use a single SMS texting number to access services across all banks, regardless of wireless service provider, mobile handset maker or region.

"Given that mobile phones have become hugely popular in India, mobile financial services offers a great opportunity for enabling financial services to all Indians at an affordable cost and thus enabling rapid financial inclusion," said Sri A. P. Hota, managing director and CEO of NPCI. "A common platform for all banks instead of each bank having to develop a platform is a strategic move by NPCI to help banks and let them focus on customers to enable this service while NPCI manages the technology behind the platform."

Along with the single platform, NUUP provides a simplified mobile banking process that eliminates the need for customers to download applications, thus opening the service to users of even the most basic feature phones. It also includes access to the Interbank Mobile Payment Service, India's recently created fund transfer platform.

NPCI is an umbrella organization recently created by banks in India to consolidate and integrate the various payment systems into one nationwide, uniform business process for all retail payment systems. Twenty-three financial institutions are already connected to NUUP at its launch.

For more stories like this, visit the mobile banking research center.

Related Content

User Comments – Give us your opinion!
Products & Services

Multichannel Banking Platform - WinWebServer ( WWS)

http://global.networldalliance.com/new/images/products/6211.png

6211/Multichannel-Banking-Platform-WinWebServer-WWS

Total-Customer Service

http://global.networldalliance.com/new/images/products/6205.png

6205/Total-Customer-Service

BulleT wireless secure card reader authenticator

http://global.networldalliance.com/new/images/products/4296.png

4296/BulleT-wireless-secure-card-reader-authenticator

Multivendor SW ATM application - WWS Client

http://global.networldalliance.com/new/images/products/6213.png

6213/Multivendor-SW-ATM-application-WWS-Client

Direct Operator Billing

http://global.networldalliance.com/new/images/products/6031.png

6031/Direct-Operator-Billing

TIO Mobile Pay

http://global.networldalliance.com/new/images/products/4446.png

4446/TIO-Mobile-Pay

Agency Banking

http://global.networldalliance.com/new/images/products/7043.png

7043/Agency-Banking

Cellum Bill Payment

http://global.networldalliance.com/new/images/products/6739.png

6739/Cellum-Bill-Payment

mMoney

http://global.networldalliance.com/new/images/products/7039.png

7039/mMoney

iDynamo Secure Card Reader Authenticator

http://global.networldalliance.com/new/images/products/4295.png

4295/iDynamo-Secure-Card-Reader-Authenticator

Wallet Wars
CONNECT 2014 Mobile Innovation Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.