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Report No. : |
302630 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
VODAFONE M-PESA LIMITED |
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Registered
Office : |
Peninsula Corporate Park, G K Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Date of
Incorporation : |
13.09.2014 |
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Com. Reg. No.: |
11-258108 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000 Millions |
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CIN No.: [Company Identification
No.] |
U67100MH2014PLC258108 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV21656F |
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PAN No.: [Permanent Account No.] |
AAECV8934F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
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Providing Mobile Money Transfer and Payment Services. |
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No. of Employees
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Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company incorporated by joint co-ordination of ICICI
Bank and MCSL, a Vodafone Group Company in order to promote “M-Pesa” a mobile
money transfer service for Vodafone subscribers. It is establishing its
presence gradually. The rating take into consideration, the service which leverages the
combined strengths of Vodafone’s global expertise in the domain of mobile
payments and significant distributor reach in India, plus the security of
financial transactions provided by ICICI bank. Trade relations are improving. Business is active. Payment terms are
unknown. In view of nacsency, albeit experienced promoters, the company can be considered
for business dealings at usual trade terms and conditions. However, it is
recommend to track further business developments. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-71715000)
LOCATIONS
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Registered Office : |
Peninsula Corporate Park, G K Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-71715000 |
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Fax No.: |
91-22-24963645 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vivek Mathur |
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Designation : |
Director |
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Address : |
Flat No. 202, Clayton Apartments, Sherly Rajan Road, Bandra, Mumbai -
400050, Maharashtra, India |
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Date of Appointment : |
13.09.2014 |
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DIN No.: |
02673593 |
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Name : |
Mr. Sunil Sood |
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Designation : |
Director |
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Address : |
Flat No. 2401/2402 Petit Towers, August Kranti Marg, Kemps Corner,
Mumbai - 400036, Maharashtra, India |
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Date of Appointment : |
13.09.2014 |
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DIN No.: |
03132202 |
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Name : |
Mr. Suresh Kumar Sethi |
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Designation : |
Director |
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Address : |
C-901, Lodha Bellissimo,Apollo Mills Compound, N. M. Joshi Marg,
Mahalaxmi, Mumbai - 400011, Maharashtra, India |
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Date of Appointment : |
13.09.2014 |
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DIN No.: |
06426040 |
MAJOR SHAREHOLDERS
NOT DIVULGED
BUSINESS DETAILS
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Line of Business : |
Providing Mobile Money Transfer and Payment Services. |
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Products / Services : |
Mobile Money Transfer and Payment Services |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
-- |
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Auditors : |
Not Divulged |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
Authorised Capital : Rs.3500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.500.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW BUSINESS
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
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1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact
person |
No |
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11] |
Turnover of firm for last
three years |
No |
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12] |
Profitability for last
three years |
No |
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13] |
Reasons for variation
<> 20% |
----------- |
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14] |
Estimation for coming
financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister
concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details
(if applicable) |
No |
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21] |
Market information |
---------- |
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22] |
Litigations that the firm
/ promoter involved in |
---------- |
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23] |
Banking Details |
No |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking
account |
---------- |
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26] |
Buyer visit details |
---------- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if
applicable |
No |
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29] |
Last accounts filed at
ROC |
No |
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30] |
Major Shareholders, if
available |
No |
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31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
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32] |
PAN of
Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
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34] |
External Agency Rating,
if available |
No |
NO CHARGES EXIST FOR THE COMPANY
NEWS:
A NEW ATTEMPT AT FINANCIAL INCLUSION
Mumbai
from the northern state of Uttar Pradesh. He supports himself and his family
back home by driving a taxi in the city. Every week, he ensures that he sends
at least Rs.0.001 Million to his wife back home in Gorakhpur. But there is a
hitch.
Since he does not have a permanent residence
in Mumbai, he does not have a bank account in the city; so every time he wants
to send money home, he approaches the local post office, which charges an
exorbitant Rs.50 for every Rs.0.001 Million he sends home. The charges are expensive,
he says, but adds that he has to pay a fee to ensure that his family receives
the money safely and within a set time frame.
It is people like Gupta that the Reserve Bank
of India’s (RBI) new norms on payments banks seek to serve.
In draft guidelines released last month, the
central bank envisaged a new category of banks to provide limited services such
as accepting savings deposits and remittances, particularly in rural areas.
These banks have been designed to provide
basic banking services like deposits and remittances to people who deal with
small amounts. These banks are needed to have a wide network of branches or
access points, particularly in remote areas, and have to keep costs low by
using technology in order for their services to be accessible to a larger
number of people.
Mobile telephone companies with their
extensive network in both urban as well as rural areas, banking correspondents
because of their experience in providing banking services to the rural areas,
and supermarket chains because of the economies of scale this new business
brings to them are considered frontrunners to open these payments banks.
Saurabh Tripathi, partner and director,
Boston Consulting Group (BCG), said the idea for a new type of bank to speed up
financial inclusion is a good one, but in its present form, it is difficult to
see these banks making lots of money.
Telecom players are best suited for this
business because they have got the infrastructure in place with millions of
customers and this is a good fit for their business. Stand-alone players will
not do that well as profitability is an issue since lending is not allowed. The
business will have to be innovative in keeping costs low and churning out
products and services which will attract enough customers. Innovation will be
key to financial inclusion,” Tripathi said.
Mobile companies such as Vodafone Plc and
Bharti Airtel Limited have got a head-start against their competitors as they
are already servicing people in rural areas through their mobile wallet
products, namely, M-Pesa and Airtel Money.
Vodafone has 65,000 agents across India and
1.4 million M-Pesa customers as of March 2014, while Airtel has 1.7 million
subscribers using its money transfer services, according to information
available on their websites.
Vodafone did not comment on the payments bank
proposal because “the formal guidelines on payments banks are still awaited”.
Airtel did not respond to an email seeking comment.
However, replying to a specific query on
financial inclusion in the context of the new guidelines, a Vodafone
spokesperson replied via email that M-Pesa’s current focus is on “the
under-banked and under-served customers and, accordingly, most of the customers
will be always from the bottom of the pyramid segment in the country”.
“However, we are also looking at aligning
this service to our corporate customers who would either like to use this for
enabling electronic payments to/from their stakeholders in deep rural geography
where there is absence of bank branches. Vodafone M-Pesa, with its deep rural
agent network, completes the last mile for these enterprises,” the spokesperson
said.
Tripathi from BCG says the companies which
innovate in payment products only stand the chance to be successful in the
business. However, it is quite possible that these innovations rub off on
existing commercial banks in India, which in turn, could lower costs of banking
services and improve the quality of banking in the country. Diwakar Gupta, a
former managing director and chief financial officer at State Bank of India and
currently an adviser to Aditya Birla Group for its banking entry, puts telecom
companies, convenience stores and online shopping portals as the likely
front-runners for this venture. Among the three, he says, telecom companies are
“the best suited” for this business; “they have the relevant infrastructure of
network and touch points.”
However, large retailers are also likely
candidates. Kishore Biyani, chief executive officer of Future Group, the parent
firm of Future Retail Limited which operates the Big Bazaar and Food Bazaar
retail chains, has stated his inclination towards the new type of banks. “We
have always been keen and feel the draft guidelines are tailor-made for us.
Once the policy is out, we will be the first ones to launch operations,” he
told Mint last month. The draft guidelines are open for public comments till
the end of the month.
Pawan Agrawal, senior director, ratings at
Crisil Limited, said financial inclusion in India has so far fallen short of
target because it was too branch-centric, with only 100,000 branches trying to
reach six lakh villages. The new banks will be different because they will take
banking to where people are staying.
“They have a high chance of working because
mobile phone companies, for example, have a deeper reach than banks. They will
offer limited services in places where banks have not reached. They will have
to leverage technology, especially for authentication purposes at their touch
points. Mobile companies are expected to start and scale up quickly because
they have both the technology and the network,” Agrawal said. A However, there
are doubts on the profitability of these banks because they require a large
investment upfront. The norms do not allow them to give loans and they can
invest only in government securities. “They have to earn primarily through
charging customers and yet ensure that enough customers use their services,”
Agrawal said.
Payments banks are also not allowed to keep
deposits more than Rs.1 lakh in their accounts, which will also limit their
funds.
Former SBI executive Gupta said the
restrictions on these banks will substantially curtail their profitability.
“These banks’ annual profit will not exceed Rs.700.000 Millions - Rs.1000.000
Millions. They will have to earn additional revenue by selling insurance and
micro systematic investment plans and, of course,
bill payments,” Gupta said, adding that the restricted profits will dissuade
large companies from getting into this business.
“These banks will be squeezed on rates
because they will have to offer interest rates which are competitive, compared
with the other banks already present and given that they cannot lend, it will
impact their margins,” Gupta said.
Some like former Syndicate Bank chairman and
managing director N.K. Thingalaya are sceptical about the need for a new type
of banks. An expert in rural banking, Thingalaya is of the view that the
central bank should use the different existing types of banks to promote
financial inclusion.
“India has 57 Gramin Banks which service the
remote villages of this country. They are all computerized and connected by
core banking solutions and all barring one are profitable. Why not open more
such banking outlets? The thing with opening new banks is, it is unclear
whether the new banks will be self-sustaining. Instead, why not improve the
products we already got?” Thangalaya asks.
“My study shows that Gramin Banks have done a
better job than micro-finance companies at a modest profit. The government
could give incentives to such banks, like allowing them to run from government
premises which will help further financial inclusion,” said Thingalaya, who
earlier this year authored the book Gramin Banks Revisited.
He pointed out that though financial products
like money orders are still used to send and receive money across the country,
there has been no effort to improve that product. He would rather have the
Reserve Bank of India innovate these products than open a new set of banks
which are unknown entities. But Tripathi of BCG says new banking innovation is
key if India has to achieve its targets in financial inclusion. The progress
from these banks could also be copied by established banks in India, multiplying
their future success rate.
Tripathi feels the entry of payments banks
will ultimately help improve the overall quality of banking in India. If that
happens, people like Ramcharan will have reason to smile
PAYMENT BANK: TELCOS SEEM ATTRACTED IN THE SEGMENT
However, despite infra and network in place,
doubts on extent and timeline on revenue generation, apart from competition
After the final guidelines from the Reserve
Bank of India (RBI), every telecom operator in the country seems interested in
applying for a payment banks licence.
About 40 per cent of India’s 1.2 billion people are unbanked but 80 per cent use
a mobile phone. So, telecom operators would have a natural advantage in getting
these people to itspayment bank entities.
Some telcos already offer mobile wallet (m-wallet) services. Bharti Airtel,
Vodafone India, Idea Cellular, Tata Teleservicesand Aircel, for instance, with a pan-India
presence. Regional entities such as Uninor and Sistema Shyam Teleservices are also studying the
possibilities, to tap the potentially lucrative business segment.
A Mumbai-based equity analyst says it would also create a good opportunity for
Reliance Jio Infocomm, which is yet to start commercial operations, as this
might be an avenue for the Reliance Group to explore the finance sector.
There are different views on the financial gains. Rajan Mathews,
director-general, Cellular Operators Association of India (COAI), pegs it at
around five per cent when the payment banks business for telcos get a scale.
For, it would primarily be restricted to cash-out transactions and bill
payments in the initial years.
Equity research firm Credit Suisse had, after the initial guidelines, pegged
mobile payments to be only 1-1.2 per cent of telecom sector revenue. On a more
liberal view, it said in its note, it could also be a “seven-eight per cent
revenue upside”.
CRISIL Research, on Friday, said telecom operators were ideal candidates to set
up payment banks, considering their customer base and distribution networks in
rural areas. Bharti Airtel, Vodafone India, Idea Cellular and Aircel have been offering mobile wallet services for
remittances. Value transactions through m-wallet, CRISIL said, had more than
tripled in two years to Rs.27000.000 Millions in 2013-14, indicating the huge
business potential.
However, CRISIL further said, payment banks as a segment are “unlikely to add
significantly to the top line of telecom operators”. The research firm believes
even five years after launch, the contribution of payment banks to their
overall revenues would be less than one per cent.
“While telecom operators are likely to capture around 15 per cent of the
domestic remittances market by then, luring deposits is another ball game
altogether because they will have to invest in brand building and gain the
trust of depositors. As a result, we forecast payments banks will have a
minuscule share of less than 0.5 per cent of the current and savings account
deposits of the Indian banking system five years after launch,” it said.
According to Jaideep Ghosh, partner, KPMG in India, telecom companies can start
the service as soon they get a licence, as they already have the infrastructure
and network in place. “They also are used to running a low-margin and
high-volume business. It certainly opens an avenue for revenue generation for
the companies. On the other hand, there would be a lot of new entrants,” he
added.
However, Ghosh also noted, a payment bank as a vehicle for financial inclusion
could clash with the other schemes the government floated recently, such as the
Jan Dhan Yojana.
As a payment bank, telcos will be able to accept deposits and remittances but
cannot lend.
Bharti Airtel and Vodafone India, the country’s top two
cellular operators by subscriber base, already offer payment instruments —
Airtel Money and Vodafone M-Pesa. However, these companies can’t offer
transactions that involve cash transfer, owing to regulatory restrictions.
“We are evaluating the detailed document and a decision will be taken after due
assessment of the new norms. Telenor Group offers successful mobile banking
solutions extending the benefits of banking to the unbanked in other Asian and
European countries,” said a spokesperson at Uninor.
Spokespersons at Bharti Airtel, Vodafone, and Idea Cellular declined to comment
on the issue, saying the detailed guidelines were being examined.
Pramod Saxena, founder of m-wallet service provider Oxigen Services India, said:
“There are a lot of positives for the sector and, overall, the final policy is
in line with considering m-wallet as serious business, developed over a period
of time.”
An independent m-wallet service provider would have an edge over telcos and
other new entrants, he added, as the operational dynamics were different.
“The move will boost mobile banking services and financial inclusion. Mobile
payments could not be expanded as telcos were unable to offer cash-out
transactions. Though RBI’s proposals don’t allow telecom operators to set up
banks to lend, we believe they will allow cash-out transactions, which enable a
consumer to withdraw at any location. This can be a game-changer to boost
mobile payments and financial inclusion in India as in Africa,” said Mathews of
COAI.
He said the rules that restrict 100 per cent ownership of foreign entities were
a dampener for telecom operators, as they need to get a partner for this
business.
“The licence to operate as a payment bank solves this problem,” said a senior
executive of a telecom operator. “M-wallet did not take off properly so far as
there was no real cash transaction. The retail network and infrastructure is in
place for these companies. They just need to get the licence to operate as
payment banks.”
As payment banks would be able to invest in government bonds, this would enable
telcos to offer higher interest rates on deposits and this might attract
inactive money parked in savings bank accounts.
MOBILE WALLET MARKET TO CROSS RS.12000.000 MILLIONS BY 2019
GUWAHATI: The infant mobile wallet market in India is estimated to grow over three-fold to Rs.12100.000 Millions in the next five years, buoyed by rising smartphone users and entry of newer players into the sector.
According to a study by research and consultancy firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs 3500.000 Millions and is estimated to rise to Rs.12100.000 Millions by 2019.
"M-wallet market is projected to grow at a CAGR of around 30 per cent in the next five years from 2015-2019.
This is mainly due to increase in the demand for smartphones, which is estimated to grow at a higher pace, and rising mobile internet users, which has grown at 92 per cent in 2013," RNCOS said in the report.
Any smartphone user can install m-wallet application in the handset and can create own log in account.
They will get a permanent pin number for utilising m-wallet services.
RNCOS said: "M-wallet has a high capacity as an alternative to traditional and current payment systems in India. Growth observed in m-commerce sector in India has moved its payment systems to mobile devices."
Some other reasons attributed to the high growth of the segment include higher working population engaged in banking and online purchasing of products, discounts offered by firms to attract customers in festive seasons for purchase through m-wallet and expansion of service portfolios by the companies.
Market of m-wallet segment includes transferring of money, services related to banking transactions, value added services such as shopping, ticketing, recharging and bill payments, the study pointed out.
In the segment, the highest 38 per cent market share is captured by money transfer businesses, followed by recharge and bill payments and utilities areas by 30 per cent and 12 per cent respectively. Others enjoy 20 per cent market share.
Despite its promising future, the m-wallet segment is facing challenges in India such as alternative money transfer channels, lack of awareness, stringent policies on restriction of cash-out facility, low margins and poor internet connectivity in many areas, the study said.
Some of the major m-wallet players are Airtel Money, mRupee, Vodafone m-Pesa, Oxigen Wallet, Paytm, Mobikwik and Idea Money.
VODAFONE M-PESA COMES TO EUROPE FOR THE FIRST TIME
31 March 2014
Vodafone M-Pesa - the mobile money transfer
and payment service that has transformed the lives of millions of people in
emerging markets - has come to Europe for the first time.
M-Pesa, which launches in Romania today, will
offer simple, safe and secure mobile money transfer and payment services to
approximately seven million Romanians who transact mainly in cash. The service
also offers banked customers the convenience of being able to access and
transfer money via the mobile phone.
M-Pesa is based on simple text messaging
technology and operates over any of Vodafone Romania’s mobile network
connections, including 4G services which launched in 2012. Romanian M-Pesa
customers will be able to transfer as little as one new Romanian leu (0.22 euro
cents) up to 30,000 lei (€6,715) per day.
Vodafone Director of Mobile Money Michael
Joseph said: “The majority of people in Romania have at least one mobile
device, but more than one third of the population do not have access to
conventional banking. Vodafone M-Pesa is already used regularly by nearly 17
million customers and we look forward to bringing the significant benefits of
the service to the people of Romania.”
From today, Vodafone M-Pesa can be activated
at any one of around 300 Vodafone Romania stores and participating retail
outlets as well as through authorised agents, and will be accessible to
approximately six million people in both rural and urban areas. It will
be extended to other parts of the country, comprising a total of 2,000 retail
and distribution points of presence by the end of 2014.
M-Pesa also will allow Vodafone Romania’s
customers to top up pre-pay airtime on a mobile device, pay utility bills, make
a deposit and withdraw cash from participating agents, and purchase goods such
as flowers, a newspaper and a coffee.
ICICI BANK AND
VODAFONE INDIA LAUNCH 'M-Pesa'
April 17, 2013
A unique service to transfer money and make
payments via mobile phone
Kolkata: ICICI Bank, India's largest private sector bank and Vodafone India,
one of India's leading telecommunications service providers, today announced
the successful launch of 'M-Pesa' - a unique mobile money
transfer and payment service. 'M-Pesa' is the trademark of Vodafone. The
service was launched in Kolkata by Rajiv Sabharwal, Executive Director, ICICI
Bank and Marten Pieters, MD & CEO, Vodafone India Limited.
'M-Pesa', which is being launched initially in the eastern parts of the
country, effectively leverages the combined strengths of Vodafone's global
expertise in the domain of mobile payments and significant distribution reach
in India plus the security of financial transactions provided by ICICI Bank. It
is initially being offered in Kolkata, West Bengal, Bihar and Jharkhand through
over 8300 specially trained authorized agents and will soon be rolled out
across the country in a phased manner.
The innovative use of mobile technology makes it possible for customers to
enjoy a fast, simple and secure way to transfer money and make payments. Using
their 'M-Pesa' account, customers can at their convenience:
·
Deposit
and withdraw cash from designated outlets
·
Transfer
money to any mobile phone in India
·
Remit
money to any bank account in India
·
Make
payments to recharge mobile, clear utility bills and for DTH service
subscription
Shop at select shops
Participate in e-commerce/m-commerce
Rajiv Sabharwal, Executive Director, ICICI
Bank said, "ICICI Bank has been at the forefront of technological innovations
in banking. With the launch of 'M-Pesa', the Bank now offers a unique and
innovative service that provides basic banking facilities to millions of
Indians who still depend on informal channels for their banking needs. We are
very happy with the partnership with Vodafone as the tie-up will effectively
leverage the security of financial transactions provided to customers by ICICI
Bank and the strengths of Vodafone's significant distribution reach. This
launch is line with the Bank's objective of achieving greater financial
inclusion. It also enriches the Bank's existing suite of mobile banking
offerings."
Marten Pieters, Managing Director & CEO, Vodafone India said,
"Vodafone is the world's largest and leading provider of mobile payment
services using 'M-Pesa', which offers millions of people basic financial
services, beyond the reach of traditional banking. Mobile technology has a
critical role to play in servicing the unbanked and underserviced sections of
the society and we are delighted to introduce this world class offering in
India in partnership with ICICI Bank. Using 'M-Pesa', we will provide
people in remote areas a convenient way to bank, transfer money and make
payments in a safe and secure manner. We have customized our offering to serve
the needs of Indian customers while ensuring its compliance with all applicable
regulations. Financial inclusion is a national priority and we believe that
with 'M-Pesa', we now have the ideal offering to enable the same."
In November 2012, Vodafone India through its 100% subsidiary, Mobile Commerce
Solutions Limited. ("MCSL") and ICICI Bank had announced a strategic
alliance to launch mobile payment services, under the brand name 'M-Pesa'.
VODAFONE
LAUNCHES M-PESA MOBILE WALLET SERVICE IN AP
It
will be available across 23 districts through 3,826 authorised agents
Telecom operator Vodafone, in collaboration
with ICICI Bank, completed the pan-India rollout of M-Pesa, its mobile moneytransfer and payment platform, with the launch of
the service in the Andhra Pradesh market on Wednesday.
The mobile wallet platform, which also offers out-cash services, enables to
deposit and withdraw cash from designated outlets, transfer money to any mobile
phone or remit money to any bank account in India, make payments to recharge
mobile, clear utility bills and for DTH service subscription.
“With this launch, M-Pesa is now present across 60,000 agent outlets,
covering over 1.2 million customer’s pan-India. In Andhra Pradesh, it will be
available across 23 districts through 3,826 authorised agents, including over
700Vodafone exclusive stores,” said Mandeep Singh Bhatia,
business head (Andhra Pradesh), Vodafone.
Stating that Vodafone covered 75 per cent of the Andhra Pradesh population and
covering more than 11,000 towns and villages through over 1,000 exclusive
outlets, Bhatia said educational hubs like Hyderabad, Warangal, Vizag,
Vijayawada and Guntur, and industrial and defence bases would be the M-Pesa
opportunity in the state. The company is seeing a 25 per cent month-on-mnth
growth in M-Pesa customer base.
According to Suresh Sethi, business head (M-Pesa), Vodafone India, the platform
is currently facilitating National Rural Health Mission (NHM) disbursements in
Bihar and Jharkhand on a pilot basis.
“We will initiate discussions with other state governments for similar
arrangements once these pilots are successfully rolled out,” he said, adding
that while M-Pesa was available in Hindi, Bengali, Marathi, Gujarati and
English, and they would consider adding more languages in a phased manner.
M-Pesa was originally launched in Kenya, a country with a population of 40
million, nine years ago. Currently, one-third of its Gross Domestic Product
flows through M-Pesa. The service is prevalent in nine emerging countries.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.