Missed Call Money: A Mobile Phone Based System to Facilitate Payment of Small Coin Change in India

The shortage of small coin change in India over the last decade has been primarily triggered by an insufficient supply and mass blocking of coins by a black market. The shortage results in significant loss for businesses which pay premiums to procure coins, and for customers when business owners ret...

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Bibliographic Details
Published inIndian journal of economics & business : IJEB Vol. 13; no. 2
Main Authors Ghatge, Uday, Thatte, Aditya, Shinde, Neelkanth, Shinde, Hrishikesh, Duggirala, Mayuri, Khandekar, Rajendra
Format Journal Article
LanguageEnglish
Published New Delhi Dr. Kishore G. Kulkarni, Indian Journal of Economics and Business 01.07.2014
Subjects
Banking
Cellular telephones
Cloud computing
Coins
Customers
Digital technology
Economic development
Electronic banking
Mobile commerce
Payment systems
Polls & surveys
Shortages
Studies
Supermarkets
Value added
India
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Summary:The shortage of small coin change in India over the last decade has been primarily triggered by an insufficient supply and mass blocking of coins by a black market. The shortage results in significant loss for businesses which pay premiums to procure coins, and for customers when business owners return 'goodies', e.g. candies to the customer instead of small change. This paper presents "Missed Call Money" (MCM), a concept of mobile phone based 'coin wallet' to overcome this economic problem in India. Merchants as well as consumers would sign up for MCM so they can make small coin payments using a unique, secure, and easy to use mobile based solution. A survey was developed and administered to customers and retail merchants to test acceptance of such a system, and showed positive attitudes towards adopting MCM.
ISSN:0972-5784