Many of the innovations are too small and niche that they can be called "one-percent innovation dots". They are one percent innovations as the innovations, in their initial stage, contribute not more than one percent - or less - to the innovating company's turnover. They are innovation dots because they, in their current form, cannot be taken up for mainstream adoption without connecting them up with other technology/business developments in due course.
India CoCreates presents three such innovations that were launched in the recent times: 1) Mobile Payment of Auto Fare, 2) Mobile Enabled Cash Transfer through ATMs, and 3) Mobile Cash Transfer through Business Correspondence Model.
Mobile Enabled Cash Transfer through ATMs
Region: Select Centres in India
One-percent Innovation Dot: Enabling customers to withdraw or transfer cash via mobile all banks to withdraw cash from ATMs using mobile phones (without using a debit card)
How does it work:
By using a mobile application, the IndusInd bank customer can send a PIN (“remitter PIN") to the mobile number of the receiver. The receiver can simply withdraw the transferred money from select IndusInd Bank ATMs by following instructions sent to his/her mobile number. The sender has to be the customer of IndusInd bank but the receiver does not need to be a customer of any bank.
In Future: IndusInd Bank believes that this solution could help intra and inter-city money transfer simple, quick and effective.
For more details, click here
Mobile Payment of Auto Fare
Region: Kochi, Irikkur (Kerala) and Chandigarh
One-percent Innovation Dot: Enabling passengers to pay auto fair using mobile phones
How does it work:
Passengers with an account in any bank can send text message via their mobile phones to their banks mentioning the exact auto fare. Within seconds they and the auto drivers would receive message, confirming the cash-less settlement of micro payments as less as one rupee! End of the day, auto drivers visit the nearest Federal Bank’s branch to collect payments made by passengers.
Federal Bank uses its Interbank Mobile Payment Service and the support of National Payment Corporation of India to provide this service.
In Future: Federal Bank is planning to extend this services to chemists, general stores and churches.
For more information, click here.
Mobile Cash Transfer via Business Correspondents
Region: Chennai and Tirunelveli
One-percent Innovation Dot: Enabling migrant employees to transfer cash to their family members using mobile phone and business correspondents.
How does it work:
Migrant employee deposits money at ICICI-Airtel outlet in one of 13 outlets in T.Nagar, Chennai, where a large number of migrants from Tirunelveli, a tier-III city, work in retail stores. The receiver in Tirunelveli gets an sms. Upon showing the text message to the 30-odd business correspondent located in prominent places in and around Tirunelveli, they can receive the payment instantly.
In Future: ICICI-Aircel are planning to identify places in West Bengal, Bihar and Assam that send a large number of workers to other places.
For more details click here.