THE MOBILE REVOLUTION PROMISES TO MAKE BANKING, AS EASY AS A PIE...
Mobile phones have found a place in every market and nearly on every individual’s pocket. I intend write about banking on the move. In this era of USB 3.0, SSD’s ... it seems irritating to wait and especially in banks, where things seems to move in a slow pace. Happy News!!.. We no longer need to wait in long queues or even maintain a cheque book. Thanks to mobile banking and online banking; this has revolutionized banking. Now one can recharge mobiles, pay bills, buy movie tickets etc... from mobile phones.
Pay Using Mobile Phone
Obopay is an application that allows you to pay using mobile phone. It’s ‘Easy Money’ option is just like a top-up for your mobile. Obopay has tied up with Nokia. All you have to do is walk into a Nokia priority store and pay cash, this amount will be credited to your obopay account. You may use this amount to pay using your cell phone. Another service named ‘Easy Send’ allows you to transfer money from person to person or pay merchants for their products or services. To activate this service, you will have to go to a Nokia priority showroom and download the application. Then you’ll have to fill a ‘know – your – customer’ form (as per RBI rules) to open a Yes Bank account. This service will be activated within 48 hours. Sadly, Obopay services are currently available only in Pune and Chandigarh.
Another payment option using mobile phone is ‘mCheck’, which most of the users know. Through service you can securely pay for your phone bills, flight tickets, insurance premiums, online shopping etc... mCheck integrates with your Visa/ Master Card, Credit/Debit Card, allowing you to make payments through your phone. It allows you to key- in details for a credit or a debit card, and for each transaction it demands which card to be used. After selection of cards, transactions must be authenticated using the mCheck PIN number.
Compared with ‘Pay Mate’, mCheck and Obopay are newer services. Pay Mate links your cell phone to your existing bank account or Credit/Debit card, letting you pay for online purchases and much more. When you wish to make a transaction online or offline, all you have to do is share your mobile number and you will receive a sms confirming the status. You can have more than one account linked with Pay Mate. If you do not wish to transact using your credit card or debit card, you can even purchase a Giftmate voucher, which allows you to transact using a pre-paid balance.
‘Pay Mate’ has also introduced a Green Money Transfer Service in association with corporation bank and Tata Teleservices. It is a person to person mobile money transfer. A person who wishes to send money has to go to a Tata Green PCO and submit in cash, the amount to be transferred and follow the procedures as they tell you. Currently services are limited to registered customers of Kerala and Karnataka.
Mobile Banking
Almost all major banks now offer customers the convenience of mobile banking at no extra cost. Earlier; what the banks offered were just sms alerts regarding transactions and checking balance, you can now carry out full-fledged banking transactions. How to start mobile banking?.. A big question? Not really... It’s quite simple. Just follow m-banking link of your bank and download the application. Then follow the rules. You can conduct transactions to a maximum of Rs.50,000 per day(this may vary from bank to bank ). Mobile banking is 99.9% safe, as it is user specific and requires a four digit pass- code, just like an ATM, the application blocks itself on feeding three consecutive wrong pin entries. In case you loose your phone, call the 24 hour customer care and request them to block the application.
Money Manager
With online and m-banking, one is bound to spend more when disposable money is available with you anywhere. To solve this concern, there is an online application by the name ‘Intuit Money Manager’ (www.intuitmoneymanager.com). It helps you to monitor your transactions, and allows you to monitor your transactions, and allows you to consolidate all your financial accounts. You can map your spending trends and can even fix your budget; when you reach the limit, you will receive a sms or email alert asking you to stop spending. You can even monitor your stocks with this application. This application is available with a 90 day free trial and Rs.365 for an annual subscription. Another website which offers the same services is perfios.com. As of now, this service is free. The best part is that the application even allows mobile access.