Launch of Reliance Zero Cost 4G Feature Phone : Opportunities for banks / fintechs

Reliance has already made India data rich by launching Jio. Before Jio, I was always cautious of data usage and avoided videos for sure. Few months back (post Jio launch), I was talking to Ramesh (Auto driver) to understand why he was still using Feature phone with no data. His answer was straight and simple “I cannot afford more than Rs 200 on mobile per month. ”. “Is par kharch karoonga toh bacchon ko kya khilaoonga”.

With Zero cost feature phone and Rs 150 for month recharge (including data), we should see migration to 4G feature phone resulting in massive consumption of data.

Financial Industry has to start working on digital products, which will work for feature phones like:

– Multilingual Mobile Banking / Wallets

– Payment products like UPI / Feature Phone POS

– Loan origination platforms (for different market segments in rural as well as urban areas)

– Investment products (like Rs 100 SIP for MF per week)

What do you think will be the change? How can this be used for Financial inclusion? What kind of products will be created?

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