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What is Mobile Banking?

27 Feb

Mobile banking is a mode of banking using mobile devices such as mobile phones or personal digital assistant (PDA). Mobile devices can be used for actions such as balance checks, account transactions, payments, credit applications and other banking transactions.

Initially, mobile banking services were performed using SMS services. With the upsurge of smart phones and incorporation of WAP support into mobile devices in 1999, mobile banking attained a new height.  One of the European banks was the first to offer services from the mobile web.  The application developers are burning the midnight oil to develop easy access point from mobile devices to enjoy banking easily and safely. Apple application developers and Android developers have successfully developed apps for different banks. Users can download apps and keep track on their bank account on-the-go.

Mobile banking has become a fairly accepted method of banking among technically oriented masses that are packed in tight schedule. It may be surprising data but a fact that 43 million urban Indians found accessing banking services through their mobile devices during 2009, which is 15% of urban Indian mobile phone user. The trend indicates that mobile banking will create a bang in India. Checking account balance status is most popular banking service used by e-populations.

Banking Services that can be availed on mobile devices:

Customers can avail below mentioned account information if the bank has activated the services

Checking Mini-statements and account history

Alerts on account activity

Term deposits monitoring

Access to loan statements

Access to card statements

Mutual funds/ equity statements

Insurance policy management

Pension plan management

Cheque status

Cheque books order

Balance checking

Recent transactions

Due date of payment

PIN provision

Blocking of lost/ stolen cards

 

Following payments, deposits, withdrawals, and transfers can be done with Mobile Banking:

Transfers of domestic and international fund

Handling of micro-payment

Mobile recharge

Commercial payment

Bill payment

Withdrawal at banking agent

Deposit at banking agent

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Posted by on February 27, 2012 in Mobile-Technologies, Uncategorized

 

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