India’s central bank has revealed that the mobile banking uptake has remained below expectations.

While the central bank said that uptake had been encouraging, it pointed to limitations created by device incompatibility with mobile banking and a failure to create industry collaboration.

The central bank commented: “Helped by the rapid spread of use of mobile telephony, the growth in mobile banking has been encouraging over last three years,” but “the growth and acceptance of mobile banking as a channel of accessing banking service has been below expectation."

Banks have viewed mobile applications and services as being key to the expansion of banking businesses in India, particularly within rural areas.

Indian consumers at the front of mobile commerce uptake