Telecom companies homologate on smart mobile banking via SMS

By | August 29, 2014
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Telecom_CompaniesThere is good news; Indian government has commemorated the mobile companies, to divvy a cantle of their infrastructure, for streamlining the underlying banking services, to the people of India. The biggest advantage here is, all these banking services can be availed, without approaching the internet. It is really good to know, that ten telecom companies have signed conciliation, with NPCI i.e. National Payments Corporation of India, the payment threshold will be look after, by the Indian government itself, which is clearly a wise move, by all means. It will get operated on USSD channels of telecom companies. USSD is basically a normal messaging system, for interacting in texts, which can used for debit and credit card transactions, but here, it will be used for basic banking utilities, for instance it can be used for payment of lower value bills.

Causes responsible for the delay in USSD agreement by telecom companies

sms banking through ussd

Sometimes before telecom companies were not avouching the formation of such infrastructure, because they stated that, there business would affect heavily, if they allow USSD channel to the banking services, but they agreed, after the needed interference of TRAI. Now anyone with a normal mobile can access to the basic banking services.

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Banking Services you can access with your normal mobile

Now you do not need to go your bank, and wait for hours regarding your work. Government has come with an acute solution to satisfy your basic banking needs, with the help of your mobile, even without internet. Now you can transfer money, request for cheque book or account statement, and balance details in your saving account or Change in PIN etc. with a text message to your bank, without accessing the internet.

Charges payable for the services

Every message transaction will cost you INR 1.50, which is quite identical to the service by all means. You can save time and energy, by availing this remarkable innovative service, introduced for you.

Utility of the service for people

This is precisely a prudent move by the government for the people. There are numerous people in India who are unable to go to their bank on regular intervals, this USSD service is just like panacea to them for sure. This move also uplifts the level of secrecy during the banking transactions. If we talk about the telecom companies, then initially, they were not pleased at all, because they were offered very low intercommunicate charges. After the intervening of TRAI, rates were raised, to cover the cost of telecom companies. People of India have got a pretty useful basic banking facility, which is approachable even on a normal handset, and without the internet connection. So, enjoy the basic banking services on your phone now, with a nominal charge to pay in return.

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