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Banking Services On Your Mobile Phone

We all have been connected to banks in our lives for quite long. There were times when the technology had not been on its peak as it is today. Those days the banking system was completely based on paper work and manual inputs. But, what is the state of banking today? Thanks to the technology that has been upgrading itself (and will keep upgrading further). Today banking has become so much easier that no one has to go through the physical and mental strain in bank offices waiting for each one’s turn to get their transactions rolling.

Today banking sectors are so much improved that we seldom think of visiting a banking branch in our locality. We do visit only if there is complete necessity and some transactions that involve your presence physically. With the breakthrough of online banking, the banking sector has seen much improvement in the last decade or so. Online banking and Mobile banking are the tremendous technological improvement for banking which has given a new meaning to easy and fast transactions in your/our finances.

You can do financial transactions on the move today with the help of online banking and mobile banking. These two options have made our lives much easier to the option that was available earlier with paper and manual systems.

How to transfer money using your mobile phone?

  • Register with the bank for interbank Mobile Payment Service (IMPS).
  • Download the application on the phone via GPRS
  • Log In to the application
  • Select bank account from which funds are to be transferred.
  • Select Mobile money transfer service
  • Enter 10-digit mobile number, 7-digit MMID and desired transfer amount
  • Confirm ‘Entered details’
  • Done, you will receive SMS intimation confirming the account debit on your registered mobile phone number after the successful completion of the transactions.

Was this not easy to understand? Absolutely, it was and that is the reason that most of us would like to opt for these services. There are also many other services available on your mobile phone as pointed out below.

Service available on your mobile

~ Bank Account

  • Fund transfer
  • Bill Payment
  • Balance enquiry
  • Check / Cheque book request
  • Last five transaction details
  • Stop Check / Cheque request

~ Credit Card

  • Balance details
  • Last payment details
  • Payment due date

~ Demat

  • Holding enquiry
  • Transaction status
  • Bill enquiry
  • ISIN enquiry

~ Loan

  • Provisional income tax certificate
  • Final income tax certificate
  • Reset letter
  • Rescheduled letter
  • Loan agreement copy

~ Others

  • Book airline / railway / movie tickets
  • Prepaid mobile recharge
  • Status of service request raised
  • Locate ATM / branch

If you have any more options that would add to this list of services available for banking through mobile phone, then let me know.


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John Anthony

John Anthony

John Anthony, is the person behind
He lives in Bangalore, India & works for a service industry.
He is an aspirant. He likes blogging, reading, photography & learning new stuffs.
John Anthony

3 thoughts on “Banking Services On Your Mobile Phone”

  1. Baloob says:

    Very nice information about banking service on our mobile…..

    Hope to see new article in this category….


  2. Cristian says:

    We’ve been living her for 4 years now. Always made our patnymes on time. The mortgage company we have doesn’t refinance mobile homes. We’ve looked into other companies, but unless you have brick underpinning they won’t do anything for you. I’ve tried selling this place but no real estate agent will talk to me because it’s so hard to sell a mobile home. When we bought this place, the company said we could always refinance in a few years to get a lower payment. They weren’t willing to do brick underpinning because it wasn’t within the loan amount, and we got the least expensive home on there lot. I admit we had bad credit at the time, but our credit has improved considerable since buying this home. We have 3 kids and one on the way and it’s only a 3 bedroom home. I want to add on to this home or find a home that we can afford and is bigger. What do you suggest?

  3. Yohane says:

    Payments through mboile :The cell phone has revolutionized the way that we operate and live our lives. Starting as a simple communication tool it has evolved into being our calendar, instant messaging device, camera, Internet browser and everything else you can think of. But did you know cell phones are primed to take over our primary payment vehicle as well? In countries such as Japan and Korea, it is already possible to pay for vending machine purchases, groceries and even airline tickets by using your cell phone.The latest trend in mboile payments is a new service from Paypal Mobile that even allows consumers to send payments to others, purchasing items from select retailers, or donating money to charities by punching a short code text into your cell phone. Services such as these give consumers the feel of a mboile wallet where cash, credit cards or even wallets are quickly becoming a thing of the past. But what are mboile payments and how do they work?Mobile payments is the process of using your cell phone to make everyday purchases that normally would would require cash or a credit card. Mobile payments are already becoming part of our lives when you think of current offerings like music, video, ringtones, online game subscriptions, wallpapers or any other digital good. However, despite this service reaching world-wide acclaim in developing countries and all across Europe it has yet to break into America. You would think in a country as hungry for instant gratification as we are this option would be a no-brainer, but the are a number of reasons why we have failed to embrace mboile payments.Mobile Payment Challenges:First off, changing the existing payment infrastructure in the United States would be an expensive enterprise, especially for merchants. Another problem is infrastructure support. Mobile payments cannot work if at least one party involved is not connected to the same back-end server that can be quite expensive to implement. Plus, in America people have much more access to personal computers and back accounts. In less developed countries, however, a person can use his or her cell phone for both of these services, making it a far more convenient technology. And one of the main reasons for the lack of mboile payment supremacy in the United States is poor reliability.Just like we have all experienced before, text messages can easily fail or messages can get lost altogether. Think if you were making a mortgage payment on your cell phone and it didn’t go through or the message was lost. Plus there is always the problem of slow connection speed. If your messages are moving slowly it could take hours for a transaction to go through causing delays that most people aren’t willing to accept. And probably one of the biggest concerns is security. What’s stopping someone from stealing your phone and going on a shopping spree and stealing all your money? Even with the protections of pin codes and fingerprint authorization, there is still a level of concern. However, it is fair to point out that mboile payment is in its infancy right now and still feeling its way out. But there is no doubt that it is definitely on the rise.The Pay OffMobile commerce, including mboile payments and mboile banking is predicted to grow exponentially in the years to come. According to the 2006 report, “Mobile Commerce: Dealing with the Devil in the Details,” mboile payments will be worth 55 billion in 2008.There are around 43.1 million mboile payment users currently and it is estimated to grow by 70 percent to 73.4 million by the end of 2009. According to global research firm, Gartner, there will be more than 190 million mboile users by the end of 2012.Mobile payments, although somewhat risky and unproven, without doubt has some serious advantages. The ability to pay utility bills, shopping bills, purchase movie tickets, insurance premiums, and not to mention the ability to perform bank transfers all with your cell phone is an exciting proposition. Once this technology tightens up on its security issues and becomes more safe and reliable, it will turn into a major 21st century convenience that is here to stay for the long term.

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