Given the extensive utilization of technological advancements and increased mobile device use, a rapid change in India’s financial market has already begun. Millions worth of investments have created a world of opportunities in India’s payment service industry following strong collaboration with financial institutions and mobile network companies.
A recent market research by Reportlinker titled India Payment Services Industry Outlook to 2019 revealed a 147.6 percent growth rate from revenues in the payment industry, comprising of different segments. Major players and contributors in this economic growth include widespread use of mobile point-of-sales (MPOS), mobile banking, and mobile wallets. It also included partnerships with various financial entities.
An example is MPOS partnerships with financial institutions and a gateway that will route their transactions. Meanwhile, mobile banking and mobile wallet services strengthened tie-ups with reliable mobile network companies who also play a big role in this partnership—strong network signals indicate reliability and security of transactions.
Network signal strength plays a huge role when it comes to mobile network reliability. India’s telecom services’ performance has improved following the directive of senior ministry officials to take responsibility in resolving India’s poor connectivity. This is a problem rooted on several factors: India’s lack of land and infrastructure to build towers for better signal output, and health issues among urban dwellers and their fear of radiation from existing towers.
However, technological advancements and increased rate of mobile phone users paved the way for financial intuitions to channel services that will be beneficial to both consumers and service providers.
Several months ago, US-based tech company 5BARz International (OTCQB: BARZ), announced completing the delivery of their network extender in one of India’s leading multinational telecom operator. This highly engineered, plug-and-play unit strengthens weak cellular signals which in turn delivers high quality voice, data and video signals.
“We are extremely excited to be working on the commercialization of our revolutionary 5BARz Network Extender in India. Currently, we are in the process of delivering the devices against our first set of purchase orders. We believe the 5BARz Network Extender will provide an improved indoor user experience with mobile devices in areas in the network that have proven challenging in the past,” Samartha Nagabhushanam, 5BARz India CEO, said in a statement.
A market research spearheaded by 5BARz India showed that 46 percent of mobile users experience issues on cellular network performance. Having created a successful partnership with a recognized telecom company, 5BARz believes that this is only just the beginning.