After introducing equity and commodities trading on mobile, Reliance Money is now eyeing the launch of 3G services to boost derivatives trading on the mobile. Due to the delay on the last mile connectivity of wireless services, derivatives trading is not preferred on mobile handsets. But the speed that 3G would offer will attract traders for derivative trading on the mobile. ?We see 3G services as a boost to trading on the mobile in India. Derivative trading needs a speedy platform which the operators cannot provide now, unless 3G is introduced,? said Sudip Bandyopadhyay, director and CEO, Reliance Money.
The company had earlier launched mobile equity and commodities trading on the mobile, which has received favorable responses from the users.
This service is operator, handset and technology (CDMA/GPRS) independent. Introduction of trading WAP portal on mobile has resulted in the number of trades going up to 1,500 trades per day with about 500 people logging in. Also, around Rs 20 crore worth of transactions are taking place on an average on a daily basis.
According to a Indian Market Research Bureau report on value added services through mobile phones (Aug 2008), mobile phones have become multi purpose devices with access to commerce applications.