Two-day South Asian mobile payment summit in Colombo on 31 January

A two-day event on mobile payments and banking will begin in Colombo on 31 January amid calls for efforts, aiming to focus on prospects and challenges of the emerging trend in South Asia.

The upcoming summit will spotlight mobile payments in the emerging economies of Sri Lanka, India, Pakistan, Bangladesh and Nepal, according to a statement released on Saturday.

Magenta Global Pte Limited that provides information to government and business executives and professionals worldwide will organise the event.

The event is supported by the Electronic Money Association, Prepaid International Forum, SIMalliance, Mobile Entertainment Forum and Global Platform.

Some 70 percent of the South Asian population does not have access to mainstream banking, although mobile penetration has achieved an 86.6 per cent rate in Sri Lanka, the highest in South Asia, according to the statement.

Recognising that the rural masses present a huge opportunity for banks and retailers, banks and telecom operators must come together to offer innovative solutions to tap the emerging market, it said.

Case studies of Easy Paisa, Global Desi, SMS-based bill payments and microcredit transfers amongst others will be presented in the summit.

It will also be a converging point for key players from the telecoms, information technology and banking sectors.

“The growing trend towards mobile banking cannot be ignored. South Asia with its huge untapped rural masses must capitalise on its potential. How to access banking securely and conveniently with the mobile phone is the key to its growth,” said Maggie Tan, CEO of the conference organising company, Magenta Global, Singapore.

(thedailystar.net)