Banking on the finger tips
The Bank of Bhutan launched the mobile and agency banking services at a special function last Friday. The mobile and agency banking services named M- BOB and a wallet services named as BoB Charo . M- BoB provided a wide range of banking and informational services to take care of all banking needs conveniently from the mobile phone while BoB Charo provides wallet services to anyone without a bank account.
The services are available for all mobile phone users ranging from character based mobile phones to the latest smart phones, the mobile banking app, M – BoB can be downloaded from Apple store for iphone and ipad users, Play store which includes Android users, windows store for windows users and Blackberry App Store, standard phone users can use it.
With the introduction of this system life will be much easier as banking at anytime and from anywhere by using personal phone. The fund transfer to any other BoB account, mobile phones and BoB Chharo account has been made easier. Utilities bills like electricity, telephone, insurance, loan, EMI, credit card and water bill has been made easier. More facilities on the payment of bills will be added and to make it real time in future. Payment to hotels, restaurants, groceries, shops and taxis can be done through the mobile phones. The fuss of carrying ATMS can be avoided as payment can be done through the mobile phones instead of withdrawing cash through the ATMS.
The registration for this service is free and one avail the services from the nearest BoB branches. In case clients have email and mobile numbers already registered with the bank, can apply online using the MBoB app through their smart phones.
With almost 75% of population in Bhutan access to mobile phone and close to 25% of the total mobile phone users having access to date services , the ban would like to serve the under- banked and unbanked population of the country in the financial system . This would support the government objective of financial inclusion. The agency banking
will help the people at locations away from the Bank branches and ATM to open a bank account, make withdrawals and deposits at the agency locations appointed by the bank.
The mobile and agency banking system can very easily accom
modate 50 transactions per second. The system is configured in such a way it can accommodate up to 100 transactions per second if required. The volume of customers and transactions is unlimited in this new system. However the present system with the bank, it can accommodate up to 50 transactions per second. The bank has planned for procurement of new core banking system to accommodate more that 50 transactions per second and would be functional buy Decem- ber 2015. With the new core banking system in place the bank does not see any problem of clogging or failure of any transactions.
The security system is highly secured since no date is stored on the mobile phone and all the data is encrypted for transfers. It comes with secured M- Pin and T – Pin to validate and secure all transactions made from this platform. In cases where the clients forget the security codes, it can be reset using the predefined security questions. These security features are system controlled and inaccessible to staff of the bank. The PINs are securely delivered through SMS or email based on the preference of the clients.
The finance minister Lyonpo Namgay Dorji graced the launching ceremony.