HOW MOBILE BANKING WORKS
Some time ago people could not imagine that they would use wireless handsets to perform banking operations. Today it is something ordinary if you send an SMS message to inquire your account balance at your bank. Mobile banking while not yet available or at least affordable in many countries of the world is wide spread among bank consumers in developed nations. But still many people who have access and can afford m-banking services have rather scarce idea of what it is and how it works. If you are among them, then our current article is right for you.
Mobile banking implies such service that enables performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. It is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device.
Financial institutions offering mobile banking services can provide you with the following:
1. Account Information
2. Mini-statements and checking of account history
3. Alerts on account activity or passing of set thresholds
4. Monitoring of term deposits
5. Access to loan statements
6. Access to card statements
7. Mutual funds / equity statements
8. Insurance policy management
9. Pension plan management
10.Status on cheque, stop payment on cheque
11.Ordering check books
12.Balance checking in the account
13.Recent transactions
14.Due date of payment (functionality for stop, change and deleting of payments)
15.PIN provision, Change of PIN and reminder over the Internet
16.Blocking of (lost, stolen) cards
17.Payments, Deposits, Withdrawals, and Transfers
18.Domestic and international fund transfers
19.Micro-payment handling
20.Mobile recharging
21.Commercial payment processing
22.Bill payment processing
23.Peer to Peer payments
24.Withdrawal at banking agent
25.Deposit at banking agent
It is unlikely that one single bank could offer such a wide spectrum of services in one package. A set of available mobile banking options differs dependant on the peculiar institution. We decided to show the sample of how mobile banking works at the largest banking corporation of America and the world. We mean Bank of America.
Bank of America offers its customers options to conduct mobile banking operations both via special applications or through the mobile web browser. Those customers who use iPhone, BlackBerry, Android or Windows Mobile based smartphones are offered to download and install an application peculiar to each of these models. The rest of consumers just use their wap connection and bank through the Internet browser installed to their mobile devices.
SUGGETIONS FOR MOBILE BANKING USERS by RBI- INDIA
1. You can now use your mobile phone to daily transfer upto Rs.5000 and make payment for purchage of goods/services upto Rs.10,000.
2. All Banks which are licenced and regulated in india, have aphysical presence in india and have implemented core banking solutions are permitted to offer mobile banking services through their branches/Business Correspondents.
3. Customers of bank and/or holders of debit/credit card can be use these services.
4. At present mobile banking services are offered for domestic transactions.
5. Banks are required to tell you abot risks, responsibilities and liabilities while using mobile banking services
6.Customer complaints/grievances arising out of mobile banking facility covered under the banking Ombudsman scheme
Issued in public interest by:
MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION
Department of consumer affairs, Government of india
Website: www.fcamin.nic.in
&
Reserve Bank of India
website: www.rbi.org.in
CONSUMER CAN ALSO CALL:
NATIONAL CONSUMER HELPLINE NO. (1800-11-4000 Toll free)(From BSNL/MTNL lines) 011-27662955,56,57,58 (national call charge apply)(9:30am to 5:30 pm- MON to SAT)
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