Idea goes for Amalgamation of Finance & Mobility

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In its bid to provide freedom to do financial transactions with the help of mobile devices, Idea Cellular has launched “Idea MyCash” in association with Axis Bank. This application is aimed at providing basic banking services, using the mobile platform.

Keeping in mind the common masses in urban and rural areas and their basic needs to perform financial transactions, the partnership for this service began 10-11 months earlier. Thus this mobile-based financial inclusion initiative, besides providing basic banking services like cash deposit, cash withdrawal, and balance enquiry will also enable money transfer between the migrant population in urban areas to their beneficiaries back home.
This service can be routed either through the mobile directly, or via an Idea retail outlet. The remittance facility is currently being offered in the Dharavi-Allahabad remittance corridor and will be extended nationally in due course.

As an application specially designed for common public and their basic financial usage, 'Idea MyCash' is an actual bank account powered by the mobile platform. Idea also plans to expand its offerings for this service, from just the operation of a account to one that allows for m-wallet, micro-insurance, credit facilities (small loans, etc), repayment, mutual funds, receiving deposits, and similar products, designed according to the specific needs of the rural and urban customers audience.

Bringing the telecom power inside the banking fraternity, it may be recalled that, Axis Bank and Idea had earlier signed an MoU to collaborate in the domain of financial inclusion whereby Idea would act as a 'business correspondent' of Axis Bank and push its complete range of financial products and services offered by the bank to the unconnected and under banked population segments.
 
Moving forward, there is no doubt that this service will also be extended to the 3G platform. With banks coming under the mobility regime, it is quite clear that financial inclusion with the help of mobility driven platforms is gaining ground in the Indian region and more and more banking focused institutions are likely to go for this kind of system in the near future.