India has started its journey towards m-commerce — a world where you can make all payments by keying in instructions on your mobile phone. In developing countries especially in Europe mobile banking is being used very commonly. People do payments for even basic purchases at shopping malls or book train tickets by clicking on their mobile keypad.
Recently Barclay Bank has launched “Hello Money” a mobile banking service in India that enables one to do an entire range of things — enquiry, funds transfer, bill payments and requests for financial statements on just few clicks on keypad.
The Bank of India setup with a vision to provide cost effective developmental banking for small business, mass market and rural markets, is planning to launch its mobile banking services for its 25 million customers across the country.
The statement released by the bank states that mobile banking will allow a customer to check balance, verify transactions details, paying of utility bills such as electricity, telephone or gas, to shop around, buy a movie ticket and can even transfer and receive money from any where.
The bank added that its will make mobile banking service available in rural areas also.