Mobile Money Order: The Next Step in Improving the Efficiency of Indian Postal Money Order
SCIT Journal, Volume XI, ISSN 0974-5076
Posted: 6 Apr 2013
Date Written: August 1, 2011
The growth of mobile banking in developing countries started capturing the attention of the researcher's business entrepreneurs, planners and governments for better utilization and extension of services to a large section of society. The research in mobile banking applications and its usability is growing very fast. The rapid transition and rollover of banks' branches towards core banking solution is yielding the transformation, evolution and integration of different entities to collaborate and integrate the business strategy on the various fronts such as micro finance institutions, postal services, insurance, telecom service providers etc. This paper is an attempt to study the mobile money order evolution, present status of Indian Postal Money Order, analyse the trend and suggest the approaches for increasing the efficiency of Indian Postal Money Order by using mobile banking as medium to integrate banking sectors with India Post. The proposed mobile money order for India Post would enhance the efficiency of present money order in terms of number of factors such as business growth, convenience, reduced transaction costs, social and economic developments and many more.
Keywords: Migrant remittances, Mobile Banking, Payment Systems, Money Orders, E-banking
JEL Classification: E59, G21, O16
Suggested Citation: Suggested Citation