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  Some of the key Business, Technology and Regulatory issues that need to be addressed to achieve the vision laid out are as follows:
 
Busines
Among the un-banked, what segment is the most viable?
What is their customer profile and desired product attributes?
What products and services are most important to this segment and will drive quick adoption?
What partnerships are required in order to make this vision possible e.g. between banks, telcos, system integrators, payment processors, etc.?
What investments are required in order to make this vision possible in different stages e.g. technology development, infrastructure and support services development, system integration and educating the consumers?
What special factors must be considered for rural India? For e.g. cell phone sharing, language compatibility, familiarity with new technology, infrastructure support, ensuring liquidity and cash management at the cash-in/cash-out outlets, etc.
Regulatory
What is the role of regulator RBI, TRAI and the Govt.of India in the Mobile Payment Cycle?
Where does the actual mobile phone account reside i.e. who holds the cash? For example, in the Philippines, each mobile phone has a bank associated account that can be accessed on the phone, while in Kenya minutes themselves are traded.
Can 3rd parties such as grocers, kirana stores, etc. act as agents for depositing cash into the account (loading) and withdrawing cash out of the account (unloading)? How about for opening and closing accounts?
Assuming that multiple vendors of mobile phone banking accounts will emerge in the future, how can we ensure interoperability between accounts?
For example, if I have an account with vendor A, how can I ensure that I can transfer Rs. 500 to my friend, who has an account with vendor B easily, cheaply and reliably using my mobile phone and without knowing my friend’s bank routing information?
Ideally, users should only have to associate their phone number to an accompanying bank account once and a system is available that would enable authorized entities such as telcos, banks and perhaps merchants to “look up” the associated bank routing information when they wish to transfer money to a given mobile number. Could such a system be achieved via a centralized database maintained by a regulatory authority that maps users’ mobile phone numbers with their bank routing information or other mechanisms such as standardized interfaces among telcos, banks and companies?
Global standards bodies such as the GSMA should also be taken into account, given that in the long-run it’s desirable that these interoperability standards function internationally as well.
What is the support of the legal system?
What changes are required in the NI Act, IT Act 2000, RBI Act, Consumer Act and Telecom Act?
Technology
What security standards should be set to satisfy customers and regulators about the security of mobile phone based transactions?
How do we ensure that all mobile phone users have access irrespective of whether they are on the CDMA or GSM network?
How the high volume of transactions are handled satisfying the Quality of Service?
What modes of authentication are acceptable?
How the intrabank and interbank settlements are managed?
   
Programme Sponsored by Institute for Development and Research in Banking Technology (IDRBT) & Rural Technology and Business Incubator (RTBI), IIT Madras
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