Days are not far away for a basic mobile phone user when he/she will have access to their bank accounts, currently an apps is required to avail the service and that apps can be downloaded on smartphones only.
Recently The National Payments Corporation of India (NPCI) has launched a USSD mobile banking platform and announced formally by Finance Minister P Chidambaram at the national banking conference in Pune.
With this service, you have to dial *99# from your mobile phone to access your bank account, transfer funds, check balances and even you may place a request for cheque books. This is similar to check the balance of your prepaid mobile connections.
The new service is best suits for India as it is simple and secure, as no information is stored in the mobile device. 90% of phones used in the country are GSM handsets and this service works on all GSM phones, irrespective of make, cost, operating system or even the telecom service provider. Presently 25 paise is being paid by NCPI to Mobile operators for this service.
Currently, the service is available on BSNL and MTNL network across 23 banks and soon will be available on all other mobile operators.
Main precaution is to be taken to act fast in case your mobile phone got stolen otherwise a misuse can’t be avoided.
Category: Telecom Gyaan