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Coimbatore, Aug. 10

Financial Information Network and Operations Ltd (FINO) is all set to exploit the mobile market for banking in the country with the launch of FINO-MITRA. The product, according to FINO sources, would enable enrolment and banking through the use of mobile. “The mobile banking market potential is huge. It is expected to replace the credit/debit card system in future considering the rapid increase in the mobile banking user base in the past two years,” the source said. A quick look at the users’ profile reveals that over 85-90 per cent of mobile users do not have credit cards. At least 36 per cent of these have mobile phones, but have no access to credit. FINO is expecting to tap this market. The FINO CEO, Mr Manish Khera, said with the roll out of MITRA, FINO would be able to reach out to over 8 million rural mobile phones subscribers, particularly those deprived of basic banking services.

— Our Bureau

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