Though India is a fast growing smartphone market, feature phones still account for close to 65% of the mobile phone market. India’s largest bank, the State Bank of India, has recognized the immense potential of this market, and has announced plans to launch a mobile wallet service for basic feature phone users. The Economic Times reports that the mobile wallet service called ‘Batua’ will be made available on low cost Java enabled mobile phones.
The bank has seen a surge in mobile banking transactions, and wants to increase this further through the use of this mobile wallet service, that could prove to be extremely popular in rural India. For smartphone users, the bank has already launched a mobile wallet service called ‘SBI Buddy’