Bank­ing on the fin­ger tips

Bhutan Times - - Home - Sonam Tashi

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.

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