Banking on the smartphone

Feb 17 2014, 10:59 IST
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Very soon, you can withdraw money from an ATM even if you do not have a bank account or a debit card, but make sure you are carrying your mobile phone. Very soon, you can withdraw money from an ATM even if you do not have a bank account or a debit card, but make sure you are carrying your mobile phone.
SummaryVery soon, you can withdraw money from an ATM even if you do not have a bank account or a debit card, but make sure you are carrying your mobile phone.

grew 166.8 per cent in the fourth quarter of 2013, the highest smartphone sales growth among the countries tracked by Gartner. RBI is also looking to tap that potential and push mobile banking as a delivery channel for financial services in a big way.

“We have a great opportunity for banks and telecom service providers to come together to deliver mobile banking services of all kinds in a seamless and secure manner to their customers. In the next few months, we will accelerate the dialogue between key players,” said the RBI Governor.

Smart cash

* The new payment system will work like a mobile transfer, where a sender needs to have a bank account. The sender deposits the money at a mobile shop from where a code is sent to the recipient who needs to go to the mobile shop and provide the code to receive the money

* In this case a separate system would be prepared in tie up with mobile companies and the recipient would be able to withdraw the money from the ATM by punching the code in the machine

* Initially, the sender will require a bank account. In the second stage even the sender may not be required to have a bank account

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