this is of course great, can some one explain how it will work?
no internet, only through SMS?
At 06:04 AM 11/28/2010, you wrote:
Mobile banking set to get a boost from IMPS
Vasudha Venugopal
Unlike Internet banking which is confined to the tech-savvy, this
will benefit average user
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The service will help banks offer money transfer in seven seconds
The latest security measures are put in place
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CHENNAI: Customers will now be able to transfer money from their
accounts to any other account in the country using their cellphones,
through the National
Payment Corporation of India's Inter-bank Mobile Payment Service
(IMPS). The facility allows transactions without the need for a
computer or an Internet-enabled
phone.
Experts say the service introduces a new form of
customer-friendliness that a developing ICT nation like India
requires. The Telecom Regulatory Authority
of India records more than 670 million registered mobile
subscribers; with the penetration of Internet technologies through
mobile phones being higher
than the spread of the Internet through broadband connections, the
service, they reckon, is expected to boost banking transactions
better than Internet
banking.
"Though the Internet banking services are user-friendly, they are
actually restricted to a limited number of tech-savvy,
English-speaking Internet users
in the country. With the IMPS, the mobile phone, which is
ubiquitous, becomes a handier device for the average user," says
Nishant Shah, director (research),
Centre for Internet and Security.
The service provides an inter-operable infrastructure for banks to
offer a real-time money transfer facility to customers through
mobile phones in seven
seconds, says A.P. Hota, CEO and Managing Director of the NPCI. The
mobile fund transfers offered by banks and technology providers take
24 hours, and
are allowed only if the sender and the receiver hold accounts in the
same bank, a hiccup the IMPS seeks to overcome.
With mobile phone-based applications popular and more inclusive in
their reach, Mr. Shah says, it might be not only more far-reaching
to have banking services
available through encrypted SMS systems, because it is a medium that
people are familiar with, but also the application-based systems are
going to benefit
a lot of people, especially who live in areas with inadequate access
to banking systems.
Citing South Africa and the Philippines where the IMPS has been
successfully launched, experts say the banking and telecom sectors
are equipped with the
latest security measures for launching the service. With most banks
now using a Java-based robust system which works on some kinds of
phones and is supported
by a limited number of Operating Systems, the system is said to have
tried-and-tested security features with double layers of encryption.
Hence, the responsibility
of caution is more on the side of the user than on technology,
experts say, citing cases of sharing of passwords, leaving phones
unlocked and sharing of
sensitive information with strangers as causes for financial crimes online.
Seven banks have already been offering the IMPS. Seven more are
linking up through this network. Gradually, all 50 banks licensed by
the RBI are expected
to offer the service, which will be free of cost till March 31, 2011.
http://www.hindu.com/2010/11/28/stories/2010112862140800.htm
There is enough light for one who wants to see.
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