FINO to exploit the Mighty Mobile Market for banking in India

PR Log (Press Release) – Oct 24, 2009 – Pune: Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. In past two years, a Mobile Banking user has increased three times if we compare the use of either debit card or credit card. Moreover 85-90% mobile users do not own credit cards. There is at least 36% of population that are literate have mobile phones and have no access to credit. This is the potential market that would appreciate mobile banking solutions. Financial Information Network and Operations Ltd. (FINO) has launched the radical FINO-MITRA a Comprehensive package of Mobile enabled banking solutions. FINO’s new product, MITRA, enables enrolment as well banking transactions through the use of mobile technology, thus, increasing scalability at reduced costs.

Commenting on the launch of FINO MITRA, Manish Khera, CEO, FINO said, “MITRA will ensure that FINO is able to reach out to a large segment of the 8 million rural subscribers of mobile phones who are deprived of basic banking facilities. Currently mobile enrollment is being done for NREGS where data is made available with pre populated fields.”The mobile subscriber rate in India has been increasing rapidly and stands at 362 million as of Jan 09. FINO MITRA serves as an alternate method of catering to unbanked population of the country by helping them avail basic banking facilities. The MITRA facilitates both as an enrollment and transaction device used by the FINO agents. This product enables the end user to use their mobile phones for banking transactions, as an e-wallet and for other mobile enable commerce. Wide network of FINO enables the customer to access the services in seamless manner even if he moves to different parts of the city or country.



FINO,a Mumbai-based biometric-enabled smartcard solutions provider, engaged in providing financial, non-financial products and services to the unbanked rural & urban masses has enrolled 5 ½  million customers to avail them basic banking and insurance services. Since its inception, FINO has meticulously reached out to the non banked sectors of the country and has played a pivotal role in strengthening the banking radar of India. FINO is on rapid growth journey and is working with Andhra Bank, Corporation Bank, ICICI Bank, ICICI Lombard, Oriental Bank of Commerce, Punjab National Bank, State Bank of India, Union Bank of India, Sewa Bank, and other financial institutions.



About FINO: FINO, a multi bank promoted company is a pioneering company providing cutting edge smart card based multi application solutions to “unbanked” in Banking, Microfinance, Insurance and Government sectors primarily located in rural & semi urban areas of India. FINO ethos is becoming a sectoral venture for serving the rural masses and helps other institutions contribute as per 'Financial Inclusion' guidelines of RBI. FINO executes end-to-end turnkey solutions for LFI’s including hardware/software, system integration, transaction network, operations, maintenance & training. FINO helps organizations improve efficiencies considerably reducing overall project cost. In fact, FINO’s concept is to take banking and the banking technology to un-banked masses in the country.

www.fino.co.in