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Mobile money operators in turn operate through their mobile money agents country-wide.
However, mobile money operators are likely to be among the biggest players to benefit from RBI's initiative as they can already offer similar services and, if approved as a payment bank, this will be the first time they will be able to offer cash withdrawals to customers.
It's really exciting how high the penetration rate is and how much that understanding and that financial literacy has really affected our target population here, however you're also very overly reliant on a single company's technology, so while it's a great place to start we're excited to diversify into other markets where there are multiple mobile money operators and also better bank switches.
Initially, most mobile money operators were telecom companies, and their services were phone based.
On the other end of the equation, the startup has agreements with carriers and mobile money operators so that receiving users can get money in many different ways.
Integration of mobile money operators systems with commercial banks' information technology systems has facilitated the development and provision of products such as automated teller cash withdrawals, quick saving and loans, quick cash loans and transfers into and from bank accounts.
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Shashank Joshi, the founder of Money on Mobile, the largest mobile money operator in India, is also excited by the prospect of becoming a bank.
The mobile money business model in Uganda is built on a partnership between a mobile money operator and a supervised financial institution (SFI).
Rather than invest the money, InterBank operators James O'Connor and James Geisler simply took it.
Under a system regulated by the Office of Rail Regulation, Network Rail pays money to operators for problems which cause disruption to services.
International regulatory pressure has pushed banks to withdraw from Somalia after concerns have been raised about money transfer operators laundering money or funding terrorism.
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