Mobile banking refers
to the activities of banking and financial services with the help of
mobile communications. The scope
of offered service may
include facilities to conduct bank and stock market transactions, to
administer accounts and to access customized transaction.
The mobile banking is
consists of 3 inter-related concepts:
i) Mobile accounting,
ii) Mobile brokerage,
iii) Mobile financial
information services.
Mobile
banking can offer services are:
i) Accounting information: Mini statement,
transaction alert, loan & card accessibility, balance checking, order &
stop payment of check, etc.
ii) Payments, deposits,
withdrawals & transfers: Local & global fund transfer, commercial
payments, bill payment, etc.
iii) Investment:
Portfolio management service, real time stock quotes, etc.
[As per Bangladesh bank
DCMP circular in September 2011, the following mobile financial services may be
allowed:
1. Disbursement of
inward foreign remittances
2. Cash in-out using
mobile account through agents/ bank branches/ ATMs/ Mobile operator’s outlets
3. Person to business
payment i.e. utility bill, merchant payments
4. Business to person
payment i.e. salary, dividend and refund warrant, vendor payments, etc
5. Govt. to person
payment i.e. elderly allowances, freedom-fighter allowances, subsidies, etc
6. Person to govt.
payments i.e. tax, levy payments
7. Persons to person
payments
8. Other payments like
microfinance, overdrawn facility, insurance premium, DPS, etc.]