India is using M Banking. The wide acceptibility of mobile and cheap range makes it available in village area. The service provider are increasing day by day makes the range available in forest. Every bank is offering m banking. So it is very soon possible and acceptable.
By
Nitin Mehra, Software Developer, ROBOMAN MICROSYSTEMS
| 04 14 2011 10:16:12 +0000
Eko India Financial Services Private Limited provides Eko, a technology solution for banks to offer mobile banking services in India. Its solution provides peer-to-peer money transfers, cash deposits and withdrawal, wage and salary payments, micro-insurance, and micro-credit functionalities to individuals by dialing numbers on a mobile handset at various customer service points, including kirana stores, grocer shops, petrol pumps, and PCOs. The company�s solution enables banks to provide banking facilities to urban, rural, and far flung areas, as well as to people who are unbanked section of the population. Eko India Financial Services Private Limited was founded in 2007 and is based in New Delhi, India
By
Harender Singh, Marketing Manager, Eko India Financial Services
| 04 14 2011 06:03:56 +0000
With an assured and foolproof system of security to the customers it will grow sooner or later.
By
s.baalu , Consultant, XYZ LTD
| 02 05 2011 11:19:25 +0000
No today peolple are unaware with the moblie banking.... 2011 is poised to be the year that would transform your banking habits — making payments or checking your account balance on your mobile. Yet, currently just about five per cent of all mobile subscribers are registered for mobile banking and more significantly, only 0.5 per cent actively use mobile banking (as per industry estimates), the customer base is woefully small.
By
RAJENDRA S. BAGHEL, Exec. Finance, Io-Global Services P Ltd
| 01 27 2011 07:15:02 +0000
Money through Mobile (MTM) system. Why Telecom industry should own MTM business? -With transition from Voice call business to IP based and Data and Multimedia, substantial amount of business revenue will also move out of Telecom Industry to external industries such as banks, content providers, and other multimedia service providers. -These industries use access through Telecom systems and networks that are set up and run with heavy CAPEX and OPEX. Telecom service providers cannot become mere onlookers while their system and network are used by other industries and hijack their revenue potentials. -The micro-money management service as envisaged in MTM has nothing to do with PC or Mobile phone accessed e-banking service. Moreover, banks cannot effectively provide high volume of low value day to day money transactions especially for the people in the lower strata across the country. -Since entire customer base, technology involved, systems and network involved in the business belong to various Telecom service providers, the industry has all the right to own the business. To avoid multiple systems and conflict of interest, MTM system can be setup and owned by consortium of Telecom Service providers on an investment and profit sharing arrangement. Revenue from basic Telecom operation is dwindling and MTM is a great option for diversification available to Telecom Service providers. -The customer base, the technology and access to MTM System depends on Mobile Phones, Mobile systems and its Networks. -The technology and method of working is same as used in prepaid systems, that is already in use by Telecom Service Providers. Money transactions being a non-Telephony related VAS, MTM will help to improve ARPU for Telecom Service providers. - With UUID in place various welfare payments such as NREGA, Money in lieu of PDS, Right to education, health-care, and other welfare payments direct to beneficiaries etc., Micro-finance support at affordable interest, etc planned for Financial Inclusion of economically backward, are in the horizon. Diversification by venturing into these areas opens out great opportunity to Telecom Industry as a whole and BSNL to effective use of excess manpower in MTM and its ancillary businesses. Therefore, it is in the interest of the Government that Telecom Industry is benefited from this avenue of business diversification. However, to avoid multiple systems and conflict of interest MTM system can be setup and owned by consortium of Telecom Service Providers. Even it is worthwhile to provide a GSM system with network coverage across the country owned by a consortium of Telecom Service providers exclusively for this purpose.
By
P. Abraham Paul, MD FCOMNET
| 01 26 2011 12:05:41 +0000
yes its good bcz now a day each and every person evry level person having mobile so everybody can use this lots of people still not capable to keep pc in his house (if iam wrong also) and most of people can oparate mobile easily than computer so its realy good and afterall we always ready to acsept new everyday
By
pramod dhobale, sampling co ordinator, bombayrayonfashionltd
| 01 25 2011 12:58:30 +0000
For an entrepreneur, payment is all. When mobile banking comes in full force, the banking related tricks of many business persons will come down. I wholeheartedly support this.
By
SR Sham Sunder, CEO/MD/Director Technoaid
| 01 25 2011 12:06:53 +0000
yes of course, with advance technology and fast requirment of banking facilities, M banking is the solution, but the support services ie telecom , is it ready? needs to be seen from security point of view.
By
geetanjali , Freelancer, Equity Research/Analytics
| 01 24 2011 17:28:54 +0000
Numbers takes time , if we discuss about acceptance of service,people are already using it,there is a issues regarding data security,which banks should clearly specify to there customers,but it is there in netbanking also.
By
karthikrathnam , Branch manager,
| 01 24 2011 13:46:40 +0000
yes, mobile banking is necessary in near future. banking companies come forward to explain its customers the usage of mobile banking. but many of the schedule banks not supporting this concept. but private banks doing well.
By
kannan , Head/VP/GM-Accounts, own office
| 01 24 2011 12:11:29 +0000
M-Banking is a possibility. The biggest reason people are still not used by most users is because if the security issues that are present around doing internet or M-Banking. That being said, there are already companies which are actively working on mobile banking securities which market is still not really reached India but definitely would not be far behind.
By
Rahul Mukerjee, Head of Production and Supply Chain
| 01 24 2011 11:20:09 +0000
Yes, we are ready for M- banking. However, it is not too much users or ready to use in present time. I agree with Ms.Sujatha that she has mentioned some data. But, in near future people will definitely use M-banking service. Especially, youngsteres (age group 20-40 years) will churn into the M-banking.It is like that before 10 years age there was less used of mobile phone, not anykind of internet banking but now a days these facilities are available.It will take time but you will see the huge level of acceptance of M-banking.
By
Virag Shah, Confidential
| 01 24 2011 10:58:58 +0000
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NO NO PEOPLE ARE UNAWARE OF M-BANKING. PEOPLE PREFER TO HAVE THEIR BANKING TRANSACTIONS EITHER THROUGH BANK ITSELF OR ATMs....EVEN AN AGED PERSON PREFERS TO STAND IN A QUEUE FOR A LONG HOURS EITHER HE/SHE IS IN BANK OR ATMs CENTERS....
IT WILL DEFINITELY TAKE SOME TIME FOR THE PEOPLE TO KNOW ABOUT M-BANKING TECHNOLOGY.
By
Sairam. M, System Administrator
| 05 27 2011 06:56:44 +0000
Not for now. No doubt technology makes life simple but for a country like India implementing M-banking in a stage where people still do not know all the options that are available in their mobile, then how they will cope with this new technology. Even now a days all most everybody has his own ATM card but till now most of the people do not what are the options available except cash withdrawal or balance inquiry. There are several aspects are there for which i said it as "Not for NOW". Another most important thing is that, most of we Indians, do not dare to try something new and when there is a question of money matter then, NO WAY to try something new that we do not know. Again there is a great fear of leaking of information and another fear is that if we use, we'll lose our money. This is all about the fear in a common man but another most important thing is creating awareness. First of all people should know what are the features available and how it'll be advantageous for them. If somebody doesn't know how it'll be beneficial for him then he treats it as an unnecessary burden. Here I'll give an example, now public sector banks are also introducing their mobile banking but my question is whether all the staffs of that particular organization aware of its facility, features & use?? The answer will be surely NO.If they are not then, how will they make a common man aware of this new technology!!
By
Bishnupada Mohapatra, IFBI Trainee, ICICI Bank
| 02 11 2011 09:44:25 +0000
banking on mobile, an idea which good, but at the same time we have to figure out that how many customers we have who will going you use this service. m banking is a service which will going to be utilized by a very limited segment of customers. one important issue that cant be ignored is of faith and compatibility of customers with this service (illiteracy and believe over tangible transactions rather than on internet). at last i must say that its a great idea but after 10years, not now.
By
Pranjal Ghosh, Relationship Executive, Outlook Group
| 01 27 2011 15:14:02 +0000
i agree with sridevi and sujatha. It may be due to the in born (natural) doubts we have for anything new ( be it technology or field) and we lack the original adventurism our forefathers had. But its picking up slowly and we can expect much transformation in 2011
By
sheriff r mohideen, General Manager -Technical, Origin Foods Limited
| 01 27 2011 07:43:23 +0000
Indians are not so techi people still many of them donot know to operate ATM machines and how to use E-banking. It takes another 5 years to develop M-banking in India. As MR. Natteraja mentioned it do leak some info when we loose the mobile.
By
Sridevi Ranganaathan, Assistant Professor at Madras University
| 01 27 2011 07:24:41 +0000
Most Indians still donot know how to use ATM machines and how to do E-banking. Being a member of this generation i learnt to use ATM machines few days back only. M-banking still take another 5 years to develop in our country as Indian are not such good in utilising the technologies they always have some kind of fear in their deep heart such as leaking of informations as MR. Natteraja mentioned.
By
Sridevi Ranganaathan, Assistant Professor at Madras University
| 01 27 2011 07:21:54 +0000
I think operability of mobile phone set is very important in this business. Internet & software enabling this transaction with bankers / tellers needs to be streamlined so that, it is accepted by all as we have a browser set to skim through. At present, we have paucity of Hand set, teller machine, software for mobile phones.
By
KALIYAMOORTHY , Oil & Gas Area Coordinator, Undisclosed
| 01 26 2011 12:09:25 +0000
I totally agree with my friends ideas up there... As we all know a coin has two sides, heads & tales. Like that every thing has has 2 side positive & negative... Yes it is good , it is easy ,& instant. But at the same time it is harmfull, just imagine wat will be the situation if that person is illiterate, or others mis use it.....
By
Revathy Venkitesh, Traffic Assistant, Global Aviation & Services Group
| 01 25 2011 04:17:08 +0000
Thanks for considering me worth of this topic and I agree with you sujatha, the things of concern are safety and security of money and second thing is about 50 to 60 % of mobile user do't know the complete functioning of Mobiles, for them it is only means to communication and it will a long time to be popular among the masses....
By
Jitender Kumar, MBA/PGDM student, Kurukshetra University PG Regional College
| 01 25 2011 03:51:44 +0000
Not yet, Let the banking sector cope up with the deformities in Internet banking and then let m-banking proceed.
By
Amarendra Gogoi, Law, Law
| 01 24 2011 11:10:03 +0000
Security of data still big blank. Banks and mobile operators shall clear the doubts of their customers on security of their account details and the measures they are taking for protecting the interests of their customers. But, the results are showing a negative trend. I doubt, even in 2011, it may not likely to happen.
By
Srinivas suravajhala, Asst. Manager.
| 01 24 2011 10:59:54 +0000
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