Soon, access mobile banking without internet


Banking will have a new look with some of the jigsaw pieces slowly falling into place. Almost all dealings between a customer and her bank will be possible with a basic handset and without accessing the internet.

The telecom regulator will soon ask telcos — many of which have been resisting for years — to enable bank-authorized mobile payment companies to offer such service.

Telecom companies are expected to fall in line with local and international payment companies, including an associate company of Visa, lobbying with the regulator and the government for permitting them to tap the Unstructured Supplementary Service Data (USSD) channel of telcos.

The USSD channel is a simple interactive text messaging system that can be used by a mobile phone subscriber to reach out to her bank for anything — transfer funds, check balance amount, pay bills, cancel a cheque, request for a cheque book, obtain an account statement, and even buy books and music using debt or credit cards. Customers – without 2G or 3G connectivity or a smartphone — have to simply key in something like *67# — or any other number a telco provides – to ‘talk’ to her bank.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: