Advantages of mobile banking to general public
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The question for mobile banking in India is not whether, but when. A string of parallel developments - greater bank innovation, broadband spread and user inclination - is providing new charge to mobile banking. There is still a long way to go before m-banking achieves mass acceptance, but it’s on its way,Recently, HDFC bank, India’s second-largest private-sector bank, launched two services on its mobile banking platform. The first was a Hindi banking service, which made accessible its 30-odd m-banking services-like transferring funds, stop-cheque requests and opening a fixed deposit-to account holders who prefer Hindi as a medium of communication.
The second was a feature called ‘net safe light’, which limits damages from credit-card misuse. An account holder with a credit-card limit of, say, ` 5 lakh might hesitate to make a purchase of ` 2,000 via m-banking. This new feature lets the account holder create a virtual credit card on the mobile for the transaction value - in this case, `2,000. |
