EDC/ POS AND MOBILE BANKING

INTRODUCTION OF EDC/POS
WHAT IS AN EDC MACHINE?
Electronic Data Capture Machine is an electronic system which is used by Seller
to take payments from the Buyer for the good/services sold to the customers.
HOW IT CAN BE USED?
Seller swipes the debit or credit card in EDC machine and the payment gets
debited from the buyers/ cardholders account and gets credited to sellers
account.

WHAT IS POS?
A Point of Sale transaction takes place between a merchant and a customer when
a product or service is purchased, commonly using a point of sale system to
complete the transaction.
HOW DOES AN EDC MACHINE MAKES USE OF POS TERMINAL?
An EDC machine works to make use of POS terminal for reading the information
encoded in the bank’s magnetic stripe, performs authorization functions, stores
transaction data and batches and transmit that data to the acquirer for
processing.
FEATURES AND BENEFITS OF EDC/POS
 It is secured method of payment compared to other
contactless method as it requires the owner of the card to
enter PIN during transaction with the bank.
 It is less likely to be damaged compared to other payment
methods.
 Due to quick payment, it saves time spent on locations
compare to previous traditional methods.
 It eliminates user errors found in traditional payment
methods.
 It has become very convenient to pay using digital mode of
payment as it does not require person to carry the cash
while going for purchase.
INTRODUCTION OF MOBILE BANKING

 Mobile Banking is a technology which helps to operate our account

through the help of a mobile.
 It is easy and efficient for a customer to transfer funds from his
account to other account, pay utility bills and many more such
services through mobile banking.

NEED FOR MOBILE BANKING

 With the growing needs and expectations of the customers, the
banks started providing services which could ease the operational
process for the customer as well as for the bankers, one of them is
mobile banking service provided by the bank.
MOBILE BANKING SERVICES
 Balance Enquiry
 Mini statement Enquiry(details
about last 5 transactions)
 Cheque status Enquiry
 Cheque Book Requests
 Fund Transfer between Accounts
 Credit/Debit alerts
 Minimum Balance Alerts
 Bill Payment Alerts
 Utility Bill Payments
 Generate OTP
 ATM Location
 IMPS- Interbank Mobile
Payment Service
 Manage Self Accounts
 Mobile Top-up and DTH
Recharge
 TECHNOLOGY CHANGES BEHAVIOUR

CUSTOMER’S BEHAVIOUR BANK’S BEHAVIOUR

 Saves customer’s Time and Energy.  Cost effective for Banks.

 Reduces Dependency on Bank Branch.  Be able to generate more
Loyalty.
 Generate more Transactions.
 Increase number of customers
 Become more educated
by attracting features.
 Aware of their money
 Reduce the crowding in Bank
 Access their account 24x7. Branch.
 It enables the Bank to be better
connected with their customers.
 Helps to retain the valuable
customers.
ADVANTAGES AND GROWTH OF MOBILE BANKING

ADVANTAGES
1)Simple and easy to use.
2)Menu based Application program.
3)Transmitted data are Secured.
4)Almost every handset can support this feature.
5)No need to go for Bank Branch.
6)Handle all type of transactions from anywhere at anytime.
GROWTH
 MOBILE BANKING APPLICATIONS
 KOTAK MAHINDRA BANK – Kotak -811
 STATE BANK OF INDIA- Yono SBI
 BANK OF BARODA – M-Connect Plus
 CANARA BANK – Candi
 AXIS BANK – Axis Mobile
 CENTRAL BANK OF INDIA – Cent Mobile
 SYNDICATE BANK – Synd Mobile
 UNION BANK OF INDIA – U- Mobile
 BANK OF INDIA – BOI Mobile
RBI GUIDELINES FOR MOBILE BANKING
 Only Indian rupee based domestic services shall be provided. Use of Mobile
Banking Services for cross border inward and outward transfers are strictly
prohibited.
 Banks which are licensed, supervised and having physical presence in India,
are permitted to offer Mobile Banking services. Only Banks who have
implemented Core Banking Solutions are permitted to provide mobile banking
services.
 The guidelines issued by RBI on Know Your Customer (KYC), Anti Money
Laundering (AML) from time to time would be applicable to mobile based
banking services also.
 Banks shall file suspicious Transaction Report (STR) to Financial Intelligence
Unit – India (FIU –IND) for mobile banking transactions as in the case of
normal banking transactions.
THANK YOU!