Monitise is a company that lives up to its name. It’s an enabler of mobile money services – whether you’re a bank, mobile operator or other financial services provider, Monitise can allow you to offer advanced mobile banking, payment and money products. And now it has announced a major app launch in the virile Indian market.
What’s the story?
For an example of the kind of thing that Monitise gets up to, look no further than Visa Europe. When Visa completed it’s €500 million interbank payment processing platform, it was Monitise that got the contract to build mobile applications for it. Consider that for a moment – we’re talking about a platform designed to process more than 2,500 card transactions per second, between banks all the way across Europe. This is a platform that has seen more than 35 million transactions in a single day. And when Visa wanted to populate the platform with mobile services, it brought in Monitise.
That’s just to give you an idea of the scale these guys operate on.
What’s the news?
Standard Chartered is an international chain of banks, based in London. It has 1,700 locations in 70 countries, and employs 80,000 people. The Indian subsidiary of the bank, Standard Chartered India, brought Monitise in to create a range of mobile applications that cater to the Indian market – while the apps will run on smartphones like Blackberry and iPhone, they’re also designed for much lower end devices including Java handsets. All in all, the apps will run on 700 different handsets in India. Between the various apps, Standard Chartered India customers can now:
• View bank and credit card accounts
• Transfer funds to other banks in India
• Pay utility bills – offering over 100 billers across the country
• Locate the nearest SCB branch/ATM using an ATM Locator
• Find and pay – Choose a cinema, locate seats and purchase their tickets, as well as find, book and pay for airline tickets, all through Breeze
What we think?
The roll out of mobile banking services in India isn’t just about providing slightly more convenient services. It represents something of an actual societal shift, where technology is being used to bring essential services to people who couldn’t otherwise get them. But I get the feeling that the Monitise apps here aren’t going to be seen around the poorer, rural areas of India much. This strikes me as a series of apps aimed at an Indian middle class that is growing increasingly more powerful and more demanding of good services and quality of life.