Mobile Banking On The Run – Syndicate Bank Mobile Banking Powered By Paymate

We have been constantly talking about the growth of mobile commerce industry for past some time and there seems no end to it. The excitement about the growth of  M-commerce industry is leading to news of new tie ups and collaboration every second day.

Now Paymate , the leading Indian M-commerce company has partnered with Syndicate Bank, which is a leading nationalized bank to provide mobile banking services to the bank users. This tie-up  has raised the count of bank tie-ups to 22 for Paymate including some other big names  like State bank, ABN Amro, IDBI, Corporation Bank, HDFC etc. This will be first time when Paymate will be providing Mobile Banking Solution to a bank. It has already provided Mobile payment services and application to the customers of various banks but Mobile Banking will be provided for the first time.

Paymate Syndicate bank mobile banking

How will it work:

Bank Customers will be able to download an application on their mobile phone via GPRS. This application will help customers to carry out day to day bank jobs with a press of a button like funds transfer, stop cheque, balance inquiry, cheque book request etc. Users will also be able to use the application for regular m-commerce applications like utility bill payments, movie flight tickets, retail outlets etc.

Can it really click?

I am an tech savvy user and haven’t used Mobile Banking solution (ICICI bank ) even once so can we expect it to click. The answer seems yes to me although I haven’t used it yet. I have access to internet 24 hours a day and feel comfortable banking on the internet. In case I am cut off from the internet for 3-4 odd days I can definitely try Mobile banking and in India Mobile penetration is far higher than Internet penetration giving an edge to mobile banking.

Mobile-Banking can save hours and many banking tasks can be completed without having to stand in long bank queues ( I have been to bank less than 5 times in last 4 years and I hated it every time as it was at least 1-1.5 hour wait each time). It can also decrease the burden on banking staff  letting them to concentrate on better quality work and customer satisfaction.

The major concern in adoption of mobile banking can be safety, Mobile banking solutions have to prove themselves before being adopted into the mainstream. I used couple of M-commerce solutions and most of them used sms to send the transaction messages making them vulnerable to hacking. Since Mobile phones are small devices on which complex security techniques (encryption etc) can’t be applied they are more vulnerable to hacking attacks and information theft.

Obviously Mobile banking can save cost,time but they need to prove themselves on the  safety and security front before getting adopted into mainstream.

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