Last week, several banks launched app-based services, kicking off a revolution in the way we digitally transfer funds using smartphones. So, this is the potential base for drawing the new highway of financial transactions; and this adds up to about half the size of the population of the US. According to it, the market share of Axis Bank in mobile transactions is 13%, significantly higher than their market share in overall deposits. All this has been made possible by a fundamental reset in the ecosystem of the financial economy. What he means is that once an individual is part of this emerging financial architecture, their transaction data is accessible to all financial players.

Source: Mint August 28, 2016 18:22 UTC