Digital infrastructure provider Tata Communications and European financial technology company CreditPilot on Tuesday announced coming together to offer mobile and digital financial services solutions to mobile operators.
Under the terms of a joint engagement agreement, both companies will form a joint task force to assess the integration of the provision of financial services.
According to Mastercard research, 15 countries account for over 60 per cent of the global unbanked population. Nearly 607 million people in these countries have a mobile phone but do not have a bank account yet.
Through this engagement, CreditPilot and Tata Communications aim to facilitate the proliferation of financial services to prepaid mobile users through mobile network operators and mobile network virtual operators.
The association will enable development in areas with a high percentage of unbanked population and a high volume of mobile phone usage penetration, through easy to use banking and digital financial services.
"With more than 1.7 billion people around the world still without access to electronic payments, banking, and other financial services, mobile service providers are uniquely positioned to enable financial transactions through mobile and digital channels and accelerate financial inclusivity, said Tim Sherwood, Vice President of Global Mobility and IoT Services at Tata Communications.
Felix Polianski, Vice President for Mobile and Digital Financial Services at CreditPilot, said mobile financial services are mobile network operators' way to future-proof their business, ensure revenue growth and customer retention.
"At the same time, mobile financial services bring about the true equality of financial services access for all people, regardless of their location and income. This shared vision of the future of both finance and telecommunications is the cornerstone of our partnership with Tata Communications," he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)