Monday, September 26, 2011

BANK CASH TRANSACTION FROM MOBILE PHONE


There have been times , when we have been faced with situation of transferring money from bank account to another account without visiting bank branch. One can do cash transactions via netbanking if one doesnt want to visit the branch or the branch timings are over. But what if we in a place where internet isnt available and we need to transfer cash immediately . Relax, we have a solution now. Resereve Bank Of India has now allowed cash transaction upto Rs 50000 from mobile phones . To do so , we need to follow the following steps:-

1. Register with the bank for interbank Mobile Payment Service (IMPS).
2. Download the application on the mobile phone.
3. Log in to the application
4. Select bank account from which funds are to be transferred.
5. Select mobile money transfer service.
6. Enter 10 digit mobile number, 7 digit MMID and desired amount to be transferred.
7. Confirm all the details.
8. Done. You will recieve sms confirming the same.

PROS OF THE FACILITY

1. Another platform to do non branch based cash transaction besides netbanking .
2. Ease of operation is huge since we are all with our mobuile phones virtually at all times.
3. Increased penetration of banking services in underbanked areas where bank branches arent available.

CONS OF THE FACILITY

1. Cash transactions of upto Rs 50000 only can be done via this platform as of now.
2. Traning could be an issue for rural folk who are very tech savvy.

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