Bharat Sanchar Nigam Limited (BSNL) announced it’s plans to launch a mobile banking platform. The platform will help mobile subscribers to send money orders electronically through text messages (SMS). The SMS by the sender will be encashable at all post offices in the country.
In order to send money, go to the nearest post office and transfer the money by way of an SMS. The SMS will contain a unique code. The person who receives this SMS real time, can go to his nearest post office and collect the money by showing the code. This will also help those who do not have a proper address for physical delivery of the money order.
As the second phase of the implementation, mobile phones can be used for even buying goods at the local stores, using the mobile authorization process from the bank. The mobile money transfer platform had been test-piloted in Chandigarh. SBI and YES Bank had come forward to participate in BSNL’s mobile banking service platform. BSNL expects to roll out the service in association with the Indian postal department, after getting the Reserve Bank of India’s approval.