Basic Banking services via SMSes Indian Telecom agress | MobileTalkNews

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H! readers, it's a good news for users who don't like to visit bank in there busy schedule, Indian Mobile Operators has been agree w...

Basic Banking services via SMSes Indian Telecom agress | MobileTalkNews
H! readers, it's a good news for users who don't like to visit bank in there busy schedule, Indian Mobile Operators has been agree with to share a slice of their infrastructure to pave the way for basic banking services through cell phones.


With this services Fund transfer, balance inquiry in savings account, change of PIN, mini statement, cheque book request, etc, will be possible with simple text messages from norrmal handsets and without accessing the Internet.

The past two months, ten telecom companies have signed pacts with National Payments Corporation of India (NPCI), the payments gateway backed by the government, to facilitate the service. It will operate on Unstructured Supplementary Service Data (USSD) channel of the telecoms a simple interactive text messaging system that even allows credit and debit card transactions. However, the current plan is to restrict USSD to basic banking services, including low-value bill payments.

The major reason for the delay in setting up this infrastructure was the apprehension of telecoms that their business will be impacted, if they came with the USSD channel for the banking system. But TRAI (Telecom Regulatory Authority of India) said that the communication channel should not be restricted. The service is available to anyone having a mobile phone or bank account, Each transaction will cost the user Rs 1.50.
Courtesy ETI

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Mobile Telco: Basic Banking services via SMSes Indian Telecom agress | MobileTalkNews
Basic Banking services via SMSes Indian Telecom agress | MobileTalkNews
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