Faysal Bank launches Mobit - Mobile Banking Platform

Faysal bank, one of the leading bank in Pakistan have launched mobile banking services for the customers. This provides another channel for the customers to interact & avail Faysal Bank services. By this service customers can check there balance, do fund transfers, pay utility bills, mobile top-ups etc.

This service is launched on Fundamo - A VISA company product. Which is one of the leading mobile & branch less banking platform in Pakistan with Easy Paisa, MCB Mobile etc also in part of its successful implementation.

This service for sure will be a great value add for Faysal Bank's customer, but how this service will differentiate to other leading mobile banking services in the market to attract new customers remains to be seen.  For now if you have an account in Faysal Bank, than do try this service. 

For more info visit: http://www.mobit.com.pk

Mobile banking potential far greater than PC banking

Since the Reserve Bank of India's mobile banking guidelines came out in October 2008, more than 32 banks have been given clearance for some form of mobile banking or payment service to be offered to their customers. The annual value of transactions using the mobile banking channel is in the region of Rs150 crore, involving about two to three million transactions. But let us put this in perspective - after all it has taken more than two decades for credit card penetration to reach just about 3 per cent of the population, or about 30 million people!  

Since it does take time to go from giving approvals to actually getting the service to the market in any meaningful way, it is clearly still early days for this new alternate channel. But a quick litmus test indicates three things.

Run Rate:

Experience so far within a year or so of the mobile, prepaid and other concomitant directives is that the run rate for our mobile transactions has grown by six times, whilst pure banking customer related transactions in Nepal and India have grown 10 times.