Although availability of mobile phones has made digital payments accessible in India, the innovation in mobile payment services is largely app-based, making them limited to smart phone users.
T Rabi Sankar, executive director, the Reserve Bank of India (RBI), said, “Hence, there is a need to enable payment services in feature phones. Fintech players will play a significant role in developing payment solutions for users of these phones.”
As of May 10, there were about 1.1 billion wireless telephone subscribers and 160 million wireless broadband subscribers. While various reports point to around 500 million smartphone users in the country, a large user