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Topic : Payment Systems in India
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Mshop facilities introduced by the banks: Will it be a success?

Created by : Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank  | 11 23 2009 13:17:57 +0000
Industry : BankingFunctional Area : Business Processes(Operations)
Keywords : banks success facilities mshop
Activity:  317 views;  last activity : 01 04 2011 06:16:04 +0000

Latest innovation with handsets is that it can be used for shopping also. Shopping through mobile phones to buys things like train tickets and other items are very common in Japan, but the trend is yet new in many other countries. SBI Card, the credit card service offering from the State Bank and GE Capital, has launched mShop to enable its customers shop from over 100 merchants across the country, using their mobile phones. Will it be a success from the retail point of view in the banking sector?

  
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What we are seeing through SBI is just tip of the iceberg. M shopping is going to spread just like mobiles. This will further eliminate use of credit/debit cards/cash,  personal visits and transaction delays. It offers a huge opportunity in business development and will catch up like wild fire, if made universally possible.

As far as fraud etc. is concerned, the possibility is as much and as less as you being robbed, or the credit card been misused and your signature being copied. 
By Dinesh Agarwal, CEO/MD/Director, Garg Marketing P Ltd  11 27 2009 00:04:49 +0000
 
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I think, there is still people not aware of payment through mobile. there is also still the threat of frauds and cases still pending   relating to bank card issues which would not encourage the customers to use such facilities.
By Jyoti Rath, Sr. Associate, Barclays  11 23 2009 13:23:20 +0000
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M shop facilities provided by the bank is relay a nice feature it will not only save your time but also protecting the country economy from fake & duplicate currency network but it is only effective if total security is provided to the consumer. Currently metro people are taking benefit out of it state like orissa are still under process to adopt these facilities due to lack of infrastructural support & awareness
By Prangya Pradeep Mohanty, Accounts Executive/Accountant, Barbil Mining Industries Pvt. Ltd.  | 01 04 2011 06:16:03 +0000
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I agree. ATMs & Credit cards (E banking tools) have shattered brick & mortar banking and now M banking is poised to penetrate every nook & corner of India. The customer or the Business Correspondent (agent of bank) has to carry a mobile phone and do all banking transactions, especially remittances from one remote corner to another remote corner and banks have not to incurr heavy expenditure on branch premises, staff cost etc. A small kiosk or ATM can substitute brick & mortar banking.

..shekhar iyer..
By A CHANDRASHEKHAR IYER, Corporate Planning/Strategy Manager MONTAGE CAPITAL MARKETS LTD  | 12 13 2009 07:28:23 +0000
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it help's people alot in many way's, for example a person can draw the amount of money required at any time of his wish..
By manoj , B.Tech/B.E. student, Swarna Bharathi instuite of Science and Technology  | 12 05 2009 14:36:44 +0000
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mShop offers SBI Card customers the convenience of transacting anytime, anywhere, while ensuring complete security of their transactions. mShop, yet another way to make life simple for its customers. mShop will further enhance the cardholders experience with SBI Card. It will also open up a new revenue stream for the banking business.
By Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank  | 11 23 2009 13:17:57 +0000
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It will not for coming 10 years, after that it might take a new height.
By SHRIKANT MANOHAR DANKE, Consultant, Project Management Consultancy Firm  | 12 18 2010 13:47:27 +0000
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anybody could get the information using softwares
By manmeet , MBA/PGDM student, vinayka missions university,salem  | 12 01 2009 07:13:14 +0000
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actully anybody can get  the information from the mobile by using the perticuler software
By manmeet , MBA/PGDM student, vinayka missions university,salem  | 12 01 2009 07:11:46 +0000
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According to me most indian people are not aware about credit card and atm so i think mshop is a new concept for people. I hope in future complaint segment increased with Mshop.
By Surender Rattan Sharma, Cheif Accounts Officer, Satyadeep Offset Printers Pvt. Ltd.  | 11 30 2009 07:03:03 +0000
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In india, the trend of e shoppin has jst taken off but still it has not been able to get a good grip of market when compared to Brick mortar model. Now M shoppin. It will take  a lot of tym for a normal consumer to make payments thru mobile. We still can't entirely trust the technology as our system is not that robust to cope up with frauds using hacking. 
By Priyadarshini , PROBATIONARY OFFICER, Bank of Baroda  | 11 25 2009 06:10:03 +0000
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Paying using the mobile phone is still not a good idea..the risk associated is too high..It is very easy to hack a mobile phone.
By Nidhi Agarwal, Asst. Manager/Manager -(NonTechnical), Indiabulls Securities Ltd  | 11 23 2009 17:30:47 +0000
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