Increase in the mobile payment service seems to have gathered interest of business correspondent firms too. Seeing the rapid expected growth of transactions using mobile phones by the year 2015, these agencies which act as business correspondent (BCs) for banks are also willing to enter the business.

The largest business correspondent agency of the country, FINO is planning to enter into this business though on pilot basis.

"It is called m-Rupya. We are testing this model on a pilot basis, with 20,000 customers. We will launch this service by the end of the next quarter," Manish Khera, chief executive officer, FINO said.

FINO has presence in 386 districts covering 24 states of the country.

SEED financial services is also harboring similar plans. "We have appraised the latest developments in mobile banking and payment services in India. We are looking to launch a similar service soon," said Anirban Roy, managing director, SEED Financial Services.

Global consultants, Boston Consulting Group (BCG) says that offering banking services through mobile phones also happens to be a lot cost effective as compared to establishment of a full fledged bank branch in remote areas of the country.

Major lenders like State Bank of India, ICICI Bank, Axis Bank etc have made tie ups with mobile phone operators in order to cash out briskly and effectively on this service which is in a stage of infancy in India.