In one of my previous posts I spoke about the need for mobile devices service providers and manufactures to work with financial institutions. One company called NXP Semiconductors established by Philips over 50 years ago has worked with several banks in India’a rural areas to provide its RFID based mobile payment solution to customers. This works to the benefits of the customers in these areas as in the absence of this technology many of them would not have access to banking services.
The mobile device smart card will biometrically store the customer’s identity data coupled with their bank data. It will allow customers to perform deposits, withdrawals and cashless payments without having to visit the closest bank branch.
It is thought that the increase in mobile device and availability or mobile banking facilitated by RFID will lead to the development of not on the area targeted by NXP but all of India.
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