Currently more and more people are being engaged in doing transactions by using their mobile phones. As of the year 2007 mobile banking grew 400,000 to an escalating 3.1 million in 2008.
What is Mobile Banking?
Mobile Commerce is any transaction, concerning the transmission of ownership or rights to utilize products and services, which is commenced and/accomplished by using mobile admission to computer-arbitrated networks with the help of a mobile device.
Mobile banking features and benefits:
- Allows customers to not only access on account information, but to also allow transactions such as purchasing stocks and remitting money.
- It is less prone to ID theft, phishing and pharming.
- Providing net security which is free from idleness and paradigm shifts.
- Also it allows customers to shop at any given time and location.
Doing mobile commerce is popular in countries where most of their population is unbanked. As mobile banking increases comes increased of security as well. In the upcoming mobile banking products and solutions will propose wireless access to multiple account features and to a new payment system.
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