Mobile banking offers banking services
on a mobile phone. Mobile banking service is
primarily available over SMS (Short Messaging Service) or through GPRS (General
Packet Radio Service) or sometimes through USSD (Unstructured Supplementary
Service Data). The services available are:
Ø Funds transfer (intra and interbank)
Ø Balance enquiry services/mini statements
Ø Request services (cheque book)
Ø Utility bill payments and credit card payments
Ø Demat account services
Ø Mobile top up
Ø Merchant payment, life insurance premium
Ø Stop payment instructions
Advantages of
Mobile Banking
Ø Providing banking service to unbanked areas and to those customers
who otherwise would not have got the banking service.
Ø The wage earners staying away from their homes and finding it
difficult and expensive to remit money to their families, can send money
instantly through mobile banking
Ø The wage earners can do bank transactions without visiting the
bank. The advantage being that they do not lose a day’s wages which they would
otherwise lose by going to the branch for getting any banking service.
Ø All non cash banking requirements can be carried out using mobile
phones.
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