Question

Write a note on Mobile banking.

Answer 1

Mobile banking is another form of net banking. The term mobile banking (also called m-banking) refers to the services provided by the bank to the customer to conduct banking transactions with the aid of mobile phones. These transactions include balance checking, account transfers, payments, purchases, etc.

Transactions can be done at any time and anywhere. The WAP protocol installed on a mobile phone qualifies the device through an appropriate application for mobile session establishment with the bank’s website. In this way, the user has the option of permanent control over the account and remote management of his own finances. Mobile Banking operations can be implemented in the following ways:

• Contacting the call center.
• Automatic IVR telephone service.
• Using a mobile phone via SMS.
• WAP technology.
• Using smartphone applications.