Union Bank of India to Improve M-banking Platform
Union Bank of India is adding new services to its mobile payment platform Umobile. New services will include fund intra-bank transfers to any account, money transfer to accounts of other banks, shopping, ticketing, bill payments, etc.
The bank will announce its extended m-banking portfolio next week. The bank has tied up with FSS, which will provide it with the necessary expertise to setup the payment gateway.
Lalit Sinha, deputy GM (IT) said the bank is in talks with educational institutes like IIT for their fees payment service. Our new services will be available on GPRS and via SMS. We will also make it WAP-enabled soon.
A key problem with mobile banking is the security concern. Sinha however assures that the bank has taken all possible measures. We have conducted external security audits. Our product conforms with RBI mandates.
Some other services that will be available on Umobile are check cheque status, stop cheque, hotlist debit card, ATM locator, etc.
Mobile banking has been around for quite some time but has yet to reach popularity in India, even though the potential is high.
In fact, ICICI Bank claims that around 80% of all transactions by customers are carried out via self-service modules (e.g. Internet, mobiles, etc.)
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