State Bank Mobile Banking Service, “State Bank freedoM”, was launched in March 2009 on a pilot basis in all the branches of State Bank of India offering its retail customers another alternate channel for simple, convenient, secure, Anytime Anywhere Banking experience. Registration for the Service has been enabled at ATMs and customers holding Debit Cards can register for the facilities without visiting any branch. The service is offered free of charge by the Bank. However, the customers will have to pay the charges levied by the telecom operators for the SMS/ GPRS.
Customers can transfer funds, view the balance & mini statements of their accounts, pay bills, request for cheque book, recharge prepaid mobile connections, view Demat Account details, top up Tatasky/ Other DTHs and conduct mCommerce transactions. The Bank has also tied up with M/s Paymate for making payment for goods/ services purchased on internet.
The Service is available over all modes – Application based, over Wireless Application Protocol (WAP) and over USSD (Unstructured Supplementary Service Data). The USSD based service has been launched recently over five telecom operators, Vodafone, Airtel, Aircel, Tata Docomo and Idea, and can be used over low cost mobile handsets with limited set of offerings within a daily financial limit of Rs.1000/- which is Rs.50,000/- for Application and WAP based service. Attractive offerings in the near future include shopping experience on mobiles for purchase of air/ rail/ movie tickets through the application of ‘ngpay’ among others.
In the application/ WAP based service, the State Bank freedoM offers the facility of continuing the service without disruption if the user has changed the mobile number by offering the option to change the mobile number through the system without visiting any branch.
The Mobile Banking Service has been launched by all the Associate Banks of the Group. M/s Spanco Ltd is the technology provider for the “State Bank freedoM”. As per market information, State Bank of India is the leader in Mobile Banking Service where volume of financial transactions through this channel is concerned.
State Bank of India is also planning to launch Mobile Wallet shortly based on the policy approved by the Board. Through this offering, the Bank plans to take the mobile banking to the non customers.
Source: India Infoline
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