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.

Gadgets and Gizmos (India) - - MOBILES TRENDS - TEXT BY NIDHI SIN­GAL & PHOTO IL­LUS­TRA­TION BY VANITA ARORA

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.

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