SBI's Mobicash Easy: A mobile wallet to conduct transactions from a phone for people with no access to banking services

The Problem: There are a lot of individuals living in unbanked areas in India, with no access to physical bank branches. However, with the cheap availability of mobile phones and increasing network coverage across India, SBI decided to roll out mobile wallets as a prepaid account to customers to make transactions. However, due to RBI regulations on KYC requirements, a large number of individuals could not avail the service.

The Solution: The State Bank Mobi Cash Easy (SBMCE) is a mobile wallet that acts as a virtual prepaid account, operated from a mobile phone. Individuals with or without bank accounts will be able to perform transactions with this service. It offers the following features:

1. Fund transfer to another SBI Wallet or any Bank account, 2. Mobile top up, 3. Bill payment, 4. Balance Enquiry, 5. Mini Statement

The Result: This solution has met with very encouraging response ever since its launch about six months ago. About 11.32 Cr worth of financial transactions have already happened on this application till March 2013. The facility has provided banking facilities beyond banking hours. Wallet holders can perform person to person domestic money transfers, pay their utility bills like electricity, telephone, etc, or even top up their pre-paid services like pre-paid mobile recharge, DTH, etc. Pressure on the bank's branches has been reduced due as customers who need to deal with petty transactions can do it directly from their mobiles instead of visiting the branch.