"The account that travels with you".
This is needed in today's fast business environment with unending
deadlines for fulfillment and loads of appointments to meed and meetings
to attend. With mobile banking facilities, one can bank from anywhere,
at anytime and in any condition or anyhow. The system is either through
SMS or through WAP. (Check out for SMS Banking under different head)
Mobile Banking is the hottest area of development in the banking sector
and is expected to replace the credit/debit card system in future. In
past two years, mobile banking users has increased three times if we
compare the use of either debit card or credit card. Moveover 85-90%
mobile users do not own credit cards.
Mobile banking uses the same infrastructure like the ATM solution. But
it is extremely easy and inexpensive to implement. It reduces the cost
of operation for bankers in comparison to the use of ATMs.
Using compact HTML and WAP technologies, the following operations can
be conducted through advanced mobile phones which can is further viewed
on channels such as the Internet via the Channel Manager.
- Bill payments
- Fund transfers
- Check balances
- Any many more which is also available in SMS Banking
In countries like Korea, two SIM Card is used in mobile phones. One
for the telephonic purpose and the other for banking. Bank account data
is encrypted on a smart-card chip. About 3.3 million transactions were
reported by Bank of Korea in 2004.
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