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Mobile Banking
Mobile Banking
INTRODUCTION
Mobile banking is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone.
customer service
CLASSIFYING SERVICES
On the basis of originator of service session 1. Push 2. Pull On the basis of nature of service 1. Transaction Based 2. Enquiry Based
Push Based
Pull Based
Transaction Based
* Fund Transfer * Bill Payment * Other financial services like share trading.
Enquiry Based
* Account Balance Enquiry * Account Statement Enquiry. * Cheque Status Enquiry. * Cheque Book Requests. * Recent Transaction History.
PRODUCT BENEFITS
Customer Benefits Secure, Convenient and easy method of payment Anywhere anytime payment Merchant Benefits Additional payment method for customers Small payment amounts can be accepted Portable payment options for merchants on move (Taxis, Couriers, Doctors etc) Banks Additional channel for customer payments Use of existing Infrastructure Value added service to customers
SMS (Short messaging service) GPRS (General Packet Radio Service) USSD (Unstructured Supplementary Service
Data)
happening.
STATISTICS
Cell phone teledensity is still very low in India at around 6%, In comparison, China s cell phone density is at around 35%, while some of the European and Asia-Pacific countries have 100% teledensity or more in mobile telephony. In the past two years, the number of people using mobiles has increased three times Indian cellular services market is projected to reach $24 billion by the end of 2009, a CAGR of 35.6%, Gartner said. Indian cellular services market had recorded the highest growth in Asia Pacific and Japan region in 2004 with a CAGR of 67%. India is all set to be among the top four countries in mobile phone subscriber numbers by the end of year 2008, according to industry analysts As on August 31, 2008, There were 62.57 million mobile subscribers in India, according to data provided by the TRAI. Fixed Phone users already lag behind by 47.44 million
RBI guidelines
Regulatory and supervisory issues Registration of customer Transaction limit Security standards Approval by RBI
CONCLUSION
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