Move can m-bank on the go Banks seem to be popularising m-banking in a big way. But you've got to follow a few checklists before signing up for the service, says Preeti Kulkarn [= banking has made lives enor- available on request) tomansacthroush ERUTTON wa ‘mously simpler for those who have access snnel. Tis faclity is meant 1 be opera~ to the world wide web, But in terms of tor-ignostic, meaning, that it should be avail- penetration, net banking is yet to achieve the able across cellular operators, However, You kind of usage that is witnessed by ATMs. The would do wellto check the list oftelecom serv- fac thatitnecestatesacomputermeansthatit ers through whom yourbank sofer- isnot accessible toa large chunk of bank cus- ingthisservice curently. Some banks ao offer tomers. Thisisthe gapexpectedto bebridgedby -m-bankingon the sms platform, 500 per day. bis, the eng Rs 1.000. n inching cunnlopenedup the bank wil not levy charges for of | -adtin yourbank could tobankeustomers. this service, yourmay have o pay some.” mankng youneedto | placea cap onthe amount “Post RBIs regulations on mobile banking s- | sued in September last yea, several banks had Tins aerirbesece | than Bespetinamont Started working on launching their mobile coud levy nominal charges you are using |) &”4dowmload ‘Dankingservices andthe hecicactvityseen in yourdebit orcreditcardfor the purpose lso, application such as >) your phones GPRS- thisspacein the last few daysisthe result ofthe eso remember that fyou donot use gpayandiMbile) | enabled the appliation can culmination of these ellos,” says Ajay Adise- these services forsixmonths itcouldbedeact-—_ spcied by bbe downloaded dreay onto Shann, managing director of PayMate, an m- vated, necessitating tes registration, ‘commerce facitator. Though services such as balance check, transaction enquiry and alerts JRING TRANSACTIONS wereavailablewithmostbankseven earl, this The central bank, ints guidelines, has laid has gained momentum now, as rolling out of certain parameters for ensuring that mo- full-fledged m-banking facilities sin full swing, snking transactions are done in aprotect- Mostbanksallow theircustomerstoavailofmo- edeavironment. Within this framework, banks bile banking even fthey have not regis- haave taken stepsto secure these transac- tered forInternet banking services Ey) tions. “Access tothe customer’saccount Ply, pred through a secure Internet BANKING ON THE MOVE Pe2 gd) PS IN) known only tothe stoner ‘AS per RBI guidelines, an individual "<= Zell Further, for any funds transfer or pay- cantransferfunds—toanotheraccount ‘ments-elated functionality, the cus- ‘with the same bank oF other banks — tomerhasto set-up the payee online and through his/her mobile, subject to a cap of Rs ransferthrough moble,” informs Vi. 5,000 per day. For paying your bills/making chandran, chief marketing officer of purchases through your m-banking account, Citi South Asia this imit would stand enhanced to Rs 10,000 Forusing your credit card, apart from enter- per day. Furthermore, banks re allowed oset ing your card detals, you would need to enter ‘monthly limits for their customers. For in- your date ofbinh and create an MPIN—similar stance; State Bank of india has placed acelling ‘ATM PIN — that is used to validate all ‘of Rs 30,000 ina month forthese transactions. tions. I you lose your mebile phone, be- Within these restrictions, you can carry out _ side: contacting your telecom service provider almost all the transactions that you can do to deactivate the SIM card, you need to.contact through net banking, including transferring _ your bank or credit card issuer to inform them funds, paying credit cardand other utiity bills, thesame. “ngpayisatamper-proof digital ‘ordering cheque books and demand draftsand_ wallet on your phone tha stores your bankac- issuing stop payment instructions from your count/cedit card/debit card details in an en i cellphone. In addition, you can recharge your crypied form. Even if you lose your phone, 1 ‘mobile, pay life insurance premium, shop for unauthorised users cannot access ngpay oF | products as wellasservices and buy movie, air- your payment/banking transactions without Iineandtraintickets through thischannel. the nique MPIN, This provides 128-bitend-to- ; ~ fend finandal grade security from the user's | GETTING STARTED anx set through tothe application servers,” ex: f | TDavallo these servics youncediodown- plaisan SBI Cards spkespensan loadthemebicbarkingapglaton fom your Lveincasecfany oterpesoord-protced (6 While banks have putin placethe ete reves Sipiece mics mma gulseneneitemenrs “Wrenn iad ies CRTs: tiesir oval waicbecten ReoeoerSee apr ee cares aim, ack capes Sae aakg 3,000) would be able to support this applica- yrd is not saved on your mobile phone it~ Toaned gto your passyord, tion, You would requirea GPRS mobile Internet ‘noted down elsewhere. corinection (which your cellular operator will ‘bret ulkari@timesproup.com