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10% increase in mobile penetration leads to 1.5% rise in GDP in India

According to Rajat Kathuria, Consultant, Indian Council for
Research on International Economic Relations, a 10 per cent increase in mobile
penetration can lead to a 1.5 per cent rise in GDP, and therefore we should
leverage mobile as a tool to bring about financial inclusion. “The mobile
revolution has helped to bring about rapid progress in the banking system since
it allows the financial system to overcome the lack of infrastructure we face,”
Kathuria said while speaking at the 4th Financial Inclusion and Digital Payment
Conference, organised by IAMAI

According to Rajat Kathuria, Consultant, Indian Council for
Research on International Economic Relations, a 10 per cent increase in mobile
penetration can lead to a 1.5 per cent rise in GDP, and therefore we should
leverage mobile as a tool to bring about financial inclusion. “The mobile
revolution has helped to bring about rapid progress in the banking system since
it allows the financial system to overcome the lack of infrastructure we face,”
Kathuria said while speaking at the 4th Financial Inclusion and Digital Payment
Conference, organised by IAMAI

According to SS Tarapore, a renowned Economist, “We have
failed to achieve financial inclusion which can be attributed to several
factors like the absence of banking technology, reach and coverage, absence of
a satisfactory delivery model and absence of a business model. On the positive
side there has been a quantum jump in banking technology and there is growing
recognition that the poor are bankable.”

Naveen Surya, Chairman, Digital Payments Committee &
Managing Director, ITZ Cash said, “We are slowly moving towards including
technology in our financial system. The government is encouraging technology as
a medium to make transactions easier for the customers. We as the industry need
to introduce more products that can deliver benefits like cash.”

According to Mayur Patel, India Country Manager,
Paypal, “As e-commerce market rapidly grows in India new payment systems are
evolving to provide different payment options for the consumer and support this
fast paced growth. The biggest challenge we face today is reaching out to the
larger consumer base. Internet and mobile adoption provide the ideal
opportunity to reach out to this target group.”

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