India post introduces electronic money orders
India Post has finally decided to launch electronic money orders. An estimated 2500 branches will adapt to this electronic transfers. This facility is already piloted in main branches of Delhi and Bangalore. e-moneyorder will co-exist along with the traditional money order. The charges applicable will the same for both the modes.
Money order itself might be obsolete for some of us in the age of online transfers. It still is the only mode of money transfer for most places in India. Most of India is not financially included. Very few people have bank accounts and access to banks. Money order is the oldest bridge to cover this gap.
Moving the money transfer from paper form to electronic form makes the transfer faster. A person sending a money order goes into the post office and pays the money in the post office for an electronic transfer. The money is immediately sent to the receiving branch and then the postman takes the money to the person who is supposed to receive. As simple as that.
The sound of e-moneyorder is futuristic. Yet there are a few caveats and limitations to consider. Availability, reach and connectivity are the things which could impede the process. The transfers will be limited by the broadband connectivity and electricity availability in the area. The reach of the post office itself could still leave many Indians out of this.
Electronic money order along with the recent RBI’s approval for mobile banking should serve rural India very well. It will also bring millions of people into the banking ambit, thus increasing the financial inclusion indicator for India.
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