The coverage of mobile phones and the use of such instruments by all section of the population can be exploited for extending financial services to the excluded populations. A comparison of the smart card based and mobile solutions would show that both technologies have their advantages.
A mobile based product for extending financial inclusion would permit the customer to carryout transactions independent of agents of BCs. The agents would only be required for enrollment, cash deposit and cash withdrawal. Whereas, in a smart card based technology, the presence of an agent is required for initiation of all transactions.