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E-money programme could be rolled out across Indian universities
22 Oct 2010

An e-money programme could be rolled out across Indian universities following a successful trial.

Around 2,500 students at the Madhya Pradesh State Technical University use their mobile phones to pay for goods at the campus' stores, reports The Hindu Business Line.

The service, launched by the Union Bank of India in September, reduces queuing times as there are very few transactions made with cash or cheques, while administration has also been limited.

The firm has confirmed it is in negotiations with other institutions in the Madhya Pradesh state who are interested in adopting the technology.

"We are now talking to Gitam University in Andhra Pradesh, which has over 10,000 students. We hope to tie up with them," MV Nair, chairman and managing director at Union Bank of India, told the news provider.

Union Bank has invested heavily in electric money initiatives, with the firm issuing around three million biometric smartcards to date and aiming to increase this figure to ten million by 2013.