“ Mobile Money” that is Online banking through the cell phone new facility with internet
Mobile money facility in India introduced two years back itself now the services are increasing their networks though out India to avail banking facility in remote places also,so more people will come under bank facility without visiting the bank regularly
Mobile money through the cellphone with the internet facility
Cell phone recharging ,booking of travels tickets of bus ,train and Air, transfer of money to other accounts, all these facilities are available on these days, but the users of these online services are very less in India.
Usage of cell phone is increased……mobile banking arrived, there are 600 millions of people are using in India, among them there is no bank accounts for fifty percent of the people, so banks are concentrating on cell phone banking. Banks are willing to utilize this opportunity with cell phone, they wish to change the cell phone is their bank account, this idea was converted to mobile money. Those who does not have bank accounts can recharge cell phones, purchases, depositing money and with drawing money through cell phone.
“Yes Bank with Nokia”
Ms Karol leeni CEO of Obopay of California collected an amount of 3400 million rupees from Nokia to utilize the application of “Mobile Money” through Nokia cell phones, Nokia join hands with “Yes bank”,” Yes Bank” obtained the necessary license from the Reserve Bank of India.
A part of this they have introduced a pilot project in Pune city, after getting success in this project they have introduced the facility of “ Mobile money “in Chandigarh city.
To deposit money and to with draw money will take lot of time in transacting the money, and the person must visit the bank do these transactions, by “mobile money” there is no cues ,no waiting time at the bank, by inputting this application software in Cellphone, now transacting operations money with the bank is easy.
To obtain the mobile money facility in cellphone, visit any Nokia retail outlet and ask the “mobile money” service agents, “yes” bank have appointed these “mobile money” agents at that Nokia retail outlets. To obtain “Yes Bank” mobile money account , you have to fill the necessary application, with supporting documents of residence and identity ,then you will be lotted with in half an hour.
To transact with the account ,you must have money in your account,so then there itself you can submit money in your account ,the same will be intimated to you immediately about the deposit of the money in your account by sms ,you can pay the money to the “Nokia” agent or in the bank directly. After depositing the money you will become the member of “mobile money’, from then onwards the mobile network will work as your banker, that is the specialty in this “mobile money”, then the “yes bank” will issue a ATM card to you, now you can draw the money from your account through this card also.
Two years back itself the money transactions started in India , Airtel introduced this facility in their all phones with name of “M-Check”, this will link the Credit and debit card with the cell phone, for this facility you have to register online or through by sms. The state bank of India also introduced this facility to their customers in the name of “Freedom”, the Reliance mobile also introduced this facility with name of “M-Pay” with the link of HDFC bank, this facility will be utilized as a credit card through cell phone itself.
You can pay phone bills, electricity ,shoping, insurance premiums, house tax, water tax, for travel tickets , you can transact all these with only one sms. banks and mobile networks are saying to reach the people is an easy way ,according to that the RBI has to change the rules also, then only the other banks also will enter in” mobile money “
In future this facility will may turned to savings account and banks may pay interest also for their deposit amount , now your cell phone is as your debit card can be turned as credit card in future days