Mobile banking (also known as M-Banking, m-banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA).
Mobile banking and
Mobile payments are often, incorrectly, used interchangeably. The two terms are
differentiated by their service provider-to-consumer relationship; financial
institution-to-consumer
versus commercial institution-to-consumer for mobile banking and
payments, respectively.
Mobile Banking involves using mobile devices gain to access financial services.
Mobile payments on the other hand may be defined as the use of mobile devices
to pay for goods or services either at the point of purchase or remotely. Bill
payment is not considered a form of mobile payment because it does not occur in
real time.
The following services
are provided by a bank to its customers through mobile banking:
A. Pull services
I. Account balance
inquiry
II. Last three
transactions
III. Cheque leaf status
IV. Profit/interest
rate on deposit V. Foreign currency exchange rate VI. Branch location/ phone
number VII. ATM booths location
I. SMS registration
information
II. Help list for key
words to send SMS III. Help message format to send SMS
A. Request services
I. Fund transfer
II. Mobile bill payment
III. Cheque book
request
IV. Account statement
print request
V. Account statement
request by courier/e-mail
B. Execution services:
I. Stop payment
II. Stopped cheque leaf
reactivation
III. PIN change
C. Alert services
I. Debit alert
II. Clearing cheque
return alert
III. Loan expiry
IV. Scheme deposit
maturity alert