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ICICI Bank // Mumbai, India

The high mobile penetration in India has presented the banking industry with a new set of opportunities and challenges. ICICI Bank developed a technology platform to enable mobile cashless transactions on cell phones and planned to launch this in selected markets. ICICI was attempting to build cashless ecosystems to meet payment needs in various markets. The MAP student team was assigned a project to study this innovative, cashless experiment and identify the current challenges and potential new markets.

The team successfully examined the technical and social feasibility of the C2M (Customer to Merchant) payment process in a restaurant, by leading a pilot program designed to stimulate the first real-world C2M mobile transactions in India. The team identified new applications of mobile payments to increase financial inclusion among the auto rickshaw driver population in Mumbai—the intersection between the bank’s target consumer at the top of the pyramid, and our field of interest at the bottom of the pyramid. By exploring the feasibility of C2M mobile payments in the auto rickshaw community, the team arrived at recommendations to bring M-Banking to the bottom of the pyramid.

Team Members: Bernardo Dominchetti, Devin McIntire, Matthew Rubin, Jason Sekhon

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"The student team spent time with customers, merchants, the National Payments Corporation of India, and our own product and technology team. They helped us refine our market understanding and learned about mobile payment solutions in a complex social milieu."
K. Ram Kumar // Group Chief HR Officer, Executive Director, ICICI Bank, Ltd.