For example, in the month of October 2012, 4.44 million transactions amounting to ₹ billion were processed as compared to 2.25 million transactions amounting to ₹ billion processed in October 2011 – an increase of about 197 per cent in volume and approximately 308 per cent in value terms.
It is, however, evident that the potential of mobile banking technology is yet to be fully exploited, even though the numbers may look impressive. It is also evident that mobile banking is yet to gain the critical take-off stage that would propel it to provide banking/payment services at a cheaper, secure and seamless manner to the existing and potential customers.