MMV compatible with Android

Mobile Money Ventures (MMV) - the joint venture set up by Citi and South Korea's SK Telecom - is developing a banking application that will be compatible with Google's new mobile phone operating system, Android, says finextra.com.

Banks and carriers will be able to offer customers mobile financial services on Android powered handsets when the platform is launched later this year, says Citi.

Using Android-enabled mobiles, customers will be able to download and use the MMV application to transfer money, check accounts, receive branch information, and carry out a person-to-person fund transfers.

Technology is a key parameter that is going to propel financial inclusion in India, says Financial Express.

Speaking at a discussion on the subject 'Banking for the Billions' at India's Best Bank Awards 2008 function organised by The Financial Express in Mumbai this week, the panellists agreed that financial inclusion at low cost cannot be achieved in the country without taking help of technology.

Punjab National Bank chairman DR KC Chakrabarty said: "Inclusive growth is possible only when we can offer bank accounts to the maximum number of people across rural belts of the country. Banking for billions is unviable and unmanageable without [the] help of technology."

Monitise Americas, a mobile financial services company, has been named the most promising new entrant for the Cards International Global Awards 2008, says PR Newswire.

The company also received finalist recognition for two industry awards: Cards & Payments Best in Payments and the 5th Annual MITX Technology Awards.

The Cards International Global Awards are based on an organisation's achievements within the last 12 months. A panel of judges, including the editorial team from Cards International, VRL KnowledgeBank, three recognised international industry consultants and two credit card experts, evaluated the submissions.