Over 50% account holders to be under mobile banking by 2015

With the Reserve Bank of India (RBI) increasing the cap on mobile banking to Rs 50,000 a day, more than 50 per cent of account holders are expected to come under this platform in the next five years, a leading service provider said.

"The recent hike in the limit of mobile banking transactions by the Reserve Bank will be a boost for the industry and will bring more than 50 per cent of Indian bank account holders under the ambit of this platform by 2015," mobile payment service provider PayMate Managing Director Ajay Adiseshann told PTI here.

The RBI recently hiked the limit for mobile banking transactions to Rs 50,000 from Rs 5,000 in a day.

"The opportunity in mobile banking has become enormous and over 50 per cent of India's 20 crore bank account holders would become its beneficiaries," he said.

This would be possible due to high mobile penetration in India and the ease provided by mobile banking, Adiseshann said.

"India's mobile connections are expected to reach the 50-crore mark by 2010. It is 4-5 times higher than PC penetration. For Internet banking, you need a PC with Internet connection. But for mobile banking, you just need a basic mobile connection with any phone service provider," Adiseshann said.