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How Mobile Banking is Driving India Toward a Cashless Society

Roughly 2 billion people in the world lack access to any sort of banking.

Here’s the good news: That number is 500 million people less than it was three years ago.

The reason for that drop: Smartphones.

In India, as an example, smartphones are prevalent, even though 20% of the country’s population lives in poverty. Smartphone owners' can download mobile banking apps as “e-wallets,” and that is making a huge difference in how business is won, as well as who is allowed to participate. Rural Indians, who are often miles from commercial areas, have made e-wallets even more popular than their counterparts in urban centers.

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