Bank visits over, here comes mobile banking

CHANGING STYLE: A few clicks on your cell phone, and you can transfer money.

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Keywords: Mobile Banking, Icici

Mumbai: Your mobile phone is now your wallet. A few clicks on your cell phone, and you can transfer money to anyone's account in India.

If you thought ATMs and internet access hadn't made banking convenient then its time to make your transactions dance on your fingertips.

Now a customer may not even have to move an inch as a full-fledged bank can be handy, through first of its kind mobile banking facility introduced by ICICI bank.

ICICI Bank Executive Director V Vaidyanathan says, “If I got to pay you and you are in another city and even if you have a bank account with yet another bank, all I have to do is come to the mobile phone, click the necessary icon, which is pretty much menu based and I click the necessary entries, I set you as a payee or a beneficiary and transfer the money to your account.”

For those who worry about mobile banking security, it operates like internet banking - on ATM Pin code and a password, that's registered on your mobile number.

“Even if you're asking you're asking for information or doing transaction, information is encrypted. When information is coming back or when transaction is getting completed that is encrypted, so customer is safe. As long as you keep your password with you, even if your instrument is lost & person who gets access to your instrument cannot transact because he will not know the password,” Vaidyanathan adds.

At no cost from the bank, you can also pay your bills and insurance premiums. 118 GPRS and non-GPRS phones can use this service.

There are nearly 20 million people in the country with an Internet connection, but nearly 200 million people have a mobile phone.

As consumers on the move call for few gadgets with more functions, this may revolutionise banking in India.