Mobile phone banking

[ifti007]

Telecom sector in Pakistan has experienced tremendous growth and has come a far way to meet the international service option levels. What started in early nineties as an expensive luxury enjoyed by the first class of the society, is now a conveniently affordable commodity for a common man. Throughout this time frame of two decades, innovative services have been introduced starting from a simple call to the recent offer of Television on the Go by a famous network. There is however, a latest addition yet to hit the Pakistani mobile market, a mobile bank.

A senior official of Ministry of Information Technology and Telecom (MOITT) has announced that by the end of this year, 3.5 millions cell phone consumers will be able to make monetary transactions via their mobile, no need to carry any cash or credit-card.

The service would enable mobile phone users to carry out online transactions including money transfer, cash-in, cash-out, person-to-person transfer, bill payments and on-line purchases.
The service is expected to further enhance the mobile phone users in Pakistan as now an average man can feel safe for not having to carry cash and for the ability of making utility bill payments from the convenience of his/ her home.

The success of this service option depends upon three things.
1) How much safe the transaction is
2) Contingency plan if the mobile phone gets stolen.
3) Transaction cost to the consumer (if at all)
4) Transaction cost to the company (if at all)
5) Ease of use.

And may be much more, which I cannot recall right now.Its all a positive step towards consumer facilitation.

[zeeshan]

The services seems interesting, but to make it become common the security of transaction is the core issue, as our ATM's have so many faults so i don't know how reliable wireless transaction will be. So far wireless is spreading out but it can never compete with wired networks.