UID based Mobile Money Implementation in Rural Areas of India
Dolly Varshney, Dinesh Goyal · 2014
The greatest majority of the population of developing countries in the world is living in rural areas, generally not well educated and disadvantaged of access to financial services. Around 480 million people, mostly living in the country’s 630,000 villages, have no banking access. They generally trust on payments from economic migrants for poverty easement. So, there is a terrible need for the development of an effective way for funds payments especially for the rural denizens (unbanked consumers). Mobile money can be proved a powerful tool for cheap, secure and convenient money transfer. This paper proposes a framework for mobile money implementation in remote areas for sending money from cities and towns to rural denizens. The objective is to design a convenient, cheap and reliable technique of sending money better than existing transfers. It employs a 3-level security using mobile phone (one time password), fingerprints and the AADHAAR (Individual Identification Number issued by the Unique Authority of India). It proposes a cost model for m-money targeting the extreme rural and distant location of geographically huge India.