KEY TAKEAWAYS

Smartphone-based wireless application protocol SMS/text alerts Unstructured Supplementary Service Data (USSD) Unique to GSM; capability built into such phones Allows session-based communications like top-up, caller tunes downloads Gets a bank customer to access services with a single number valid across all banks Agnostic to telecom operator or type of handset service Banks provide free connectivity unlike SMS service Works on voice connectivity Safer than SMS No application to be downloaded Offers balance enquiry, data on past transactions, money transfer Three-stage process