The Reserve Bank of India has hiked the daily ceiling for banking transactions through mobile phones to Rs 50,000, from the present cap of Rs 15,000. RBI has also placed cap of Rs 5,000 per transaction and Rs 25,000 on per month per customer, on mobile banking transaction, if the delivery to recipient is in cash. Read full story »
State Bank of India recently launched a service called “SBI Freedom”. With “SBI Freedom”, customers can use facilities like balance inquiry, mini statement, fund transfer, cheque book issuance, mobile recharge and bill payment at any time and place through the use of their cellphones. A customer is registered when he or she sends an SMS to 567676 prefixed with the area code. Read full story »
A survey by Forrester Research found that 15 percent of Japanese mobile phone users make payments and purchase products in stores with their phones, reports CNN. Only 3 percent of people in North America are expected to conduct mobile payments in 2012. Analysts say that within five years, mobile phones in the United States will be able to make electronic payments, open doors, access subways, clip coupons and possibly act as another form of identification. These futuristic uses for phones are becoming reality in countries like South Korea and Japan, which typically are ahead of the United States in mobile technology. Read full story »
USAA Bank, a privately held bank and insurance company in the US, plans to update its iPhone application to introduce the check deposit feature. The customers need to photograph both sides of the check with the phone’s camera. The image is going into the Bank’s deposit-taking system as any other paper check would. To reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Read full story »
ngpay is the secure software application launched by HDFC Bank that empowers the customer to carry out a whole range of banking and commerce transactions using the mobile phone. HDFC customers can download and use the ngpay application in their Java enabled mobile handset that supports external applications and games. ngpay services can be accessed by customers across all telecom networks. Read full story »
