YOUR NEW WALLET
YOUR PHONE IS NOW YOUR PERSONAL TELLER MACHINE AND FINANCIAL CONSULTANT ALL ROLLED INTO ONE. HERE IS HOW YOU CAN CARRY YOUR BANK IN YOUR POCKET, QUITE LITERALLY.
Abhishek Agarwal, an engineer in Indore, wasted a lot time visiting his bank. At times, he even had to take leave from work because his bank did not open before 10 in the morning and by time he stepped out after finishing his account-related work, it would be past 1 pm. Of course, once the banking routines changed with the introduction of debit cards and ATMS, Agarwal was less hardpressed for time. These technological advancements simplified his life by giving him an easy access to cash, allowing him to check his balance, facilitating fund transfers, depositing cash and even shopping without hard cash. This transition took some time to happen. But the next step in our banking evolution has begun. The cell phone that Agarwal uses is not just good at making calls, browsing the web, clicking photos and listening to music—it is smart enough to let him access his bank account anytime, anywhere. And if that’s not enough, he will now be able to make payments using his phone. With 900 million mobile phone users in the country, both phone companies and banks realised that using spectrum could take banking services to every nook and corner at all times.
BANK ON MOBILE
Irrespective of whether it is a public- sector bank or a private one, the minute you open a new bank account, your mobile number is linked to that account. Existing customers too can ask the bank to upgrade their details and include their cell numbers. There are merits in giving the bank your number. It allows you to get information in real time about any transactions related your bank account. For instance, if you are paying for petrol with your debit card and your card is swiped twice for the same amount, you will instantly receive a message from the bank and you can take necessary action against those at fault.
But this is not the only advantage. If you register your number for mobile banking services you also get the freedom to access your bank balance, fetch account statement, transfer funds and do much more. With most banks offering mobile banking services, there are different ways to do the same but the basic procedure remains the same. Only savings and current account holders are eligible for mobile banking service. Such account holders first need to register their mobile numbers with the bank. Bank services can be accessed only from the registered phone number. Also, the customer has to generate a Personal Identification Number (MPIN) that acts as a security password for mobile banking. In case the wrong MPIN is entered three times during a transaction, the mobile banking service account gets deactivated for a day or two.