WAP driven Mobile banking - order of the day - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

WAP driven Mobile banking - order of the day

May 25, 2000

`Banking through a mobile’ seems to be the new mantra doing the rounds of the technology savvy new generation private sector banks. Close on the heels of the launch of wireless application protocol (WAP) enabled mobile banking by the `click and brick’ company, ICICI for its banking subsidiary ICICI Bank, HDFC Bank on Wednesday became the second new generation private bank to offer WAP enabled mobile banking service to its customers. So far, the later was offering this facility through short messaging service system (SMS). The move towards new technology banking will bring cheers to the customers of both the banks as it will make banking much more simply and hassle free. The new technology will help these two visionary banks to establish themselves as `a one stop anywhere banking shop’. It will also give a fillip to their retail business, as the customers will be able to transact through their cell phones. The general view is that the WAP enabled banking will take some time to penetrate the Indian markets. As WAP enabled services can only be provided to customers through very high cost select instruments, it will be difficult for the banks to provide these services to the masses currently.

ICICI bank has tied up with Orange and Airtel to offer WAP based mobile banking service whereas its competitor has entered into an alliance with I-flex and Orange.

Mobile banking and e-commerce using the WAP technology allows secured on-line access of web-using mobile devices as opposed to using the short messaging service technology, which works on e-mail, thereby entailing a time lag.

ICICI will shortly launch a wide range of personal financial services on WAP including personal banking services, online information tracking of utility bills, travel and ticketing information. The WAP solution offered by ICICI includes enhanced security mechanisms as compared to short messaging system (SMS). The services available will include online balance updates and details of the previous five transactions conducted by the customer.

The new system would also enable an ICICI credit card holder to check outstanding balances, payment status, cash and credit limits and details of the last three transactions. The ICICI Infotech Services Ltd. has provided the technology, design and software solution for the WAP project as well as implementing it.

Last month, ICICI started offering real time stock quotes for its customers which was followed up by an automated teller machine (ATM) and branch locating facility for WAP-enabled phone users.

The tie-up will allow Orange subscribers, who are also ICICI Bank account-holders and ICICI credit card holders, to track their personal finances on the mobile phone. This is for the first time that the financial institution has extended m-commerce services to the ICICI credit card holders besides the bank customers.

The HDFC bank’s WAP driven mobile banking service will enable its customers to access their bank account and conduct financial transactions on the Orange phone screen. Additional facilities like pay of electricity and mobile phone bills, inquire about pending bills of companies, finding out the status of a cheque will be available to customers.


Equitymaster requests your view! Post a comment on "WAP driven Mobile banking - order of the day". Click here!

  

More Views on News

CENTRAL BANK Share Price Down by 6%; BSE BANKEX Index Up 0.4% (Market Updates)

Sep 23, 2020 | Updated on Sep 23, 2020

CENTRAL BANK share price is trading down by 6% and its current market price is Rs 17. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are KOTAK MAHINDRA BANK (up 0.9%) and HDFC BANK (up 0.8%). The top losers is CENTRAL BANK (down 5.5%)..

LAKSHMI VILAS BANK Share Price Up by 7%; BSE BANKEX Index Up 0.4% (Market Updates)

Sep 23, 2020 | Updated on Sep 23, 2020

LAKSHMI VILAS BANK share price is trading up by 7% and its current market price is Rs 21. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index is LAKSHMI VILAS BANK (up 7.0%). The top losers are SBI (down 0.1%) and ICICI BANK (down 0.2%).

How the YES Bank Collapse Unfolded - 10 Points (Sector Info)

Mar 9, 2020

A timeline of how YES Bank went from a stock market darling to a pariah.

Today's Stock Market Crash: 10 Points (Sector Info)

Mar 6, 2020

Top factors that dragged the markets lower today.

More Views on News

Most Popular

How the 8-Year Cycle Can Help Identify Multibaggers (Fast Profits Daily)

Sep 11, 2020

This is how you can apply the greed and fear cycle in the market to pick stocks.

Why We Picked This Small-cap Stock for Our Hidden Treasure Subscribers (Profit Hunter)

Sep 17, 2020

This leading household brand will profit big time in a post covid world.

This Could Be the Best September for Auto Stocks (Profit Hunter)

Sep 11, 2020

Here's why I think this month could be a great for auto stocks.

What Do the Charts Say About Buying Smallcaps Now? (Fast Profits Daily)

Sep 18, 2020

Everyone seems to be excited about buying smallcaps now...but is it the right thing to do? What do the charts tell us? Find out in this video...

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE BANKEX


Sep 23, 2020 (Close)

MARKET STATS