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Mobile banking is one of the three major pillars (ATM and
Internet Banking being the other two) of revolutionary improvement
in the quality of service delivery of banks. Mobile banking
is all about performing banking transactions such as balance
checks, account transactions, payments with the help of
a mobile phone. It can also be understood as availing banking
and financial services with the help of mobile telecommunication
device. The services offered by mobile banking include getting
account information, transferring funds, sending checkbook
request, managing deposits, checking transactions, and so
on. Mobile banking is most often performed by SMS, and hence
is also known as SMS banking.
This type of service has been a hit with the youth, who
find it an easy and convenient way to carry out transactions.
However, mobile banking is also used by others belonging
to different age-groups. The `Anytime-Anywhere Banking'
feature of mobile banking is making it very popular among
all the categories. Using mobile phones is a very common
practice. Commercial banks are exploring this avenue to
make their services more convenient for their customers.
The growing number of mobile subscribers in the country
forms the most valuable support base for the growth and
success of mobile banking. A wide range of services is provided
by banks through mobile banking services (see the Table
for a comprehensive list of mobile banking services).
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