Till now your cell phone was only a mini computer… from now it will be your wallet…. means you can carry your account in your pocket. Days are not far when you can use your cell phone as an ATM card. Several banks are in the processes implementing these services by October.
Bangalore based company Mcheck has developed a software which can be used for this. Already software developed by this company is being used for paying bills through phone, for paying insurance premium, buying Air tickets, Movie tickets etc.
What do you do to withdraw money: You go to an ATM centre and insert your debit or credit cards in the machine… enter your PIN number. Your card number and your pin number will together will access your account to which they are mapped. If everything is correct, you can withdraw money. All this happens in few seconds. But with the new mobile technology you will no more need your card to access your ATM.
How does it work?
Banks will integrate your mobile number with your Account number. Also they will give you a PIN. You can visit any ATM and punch your mobile number and then your PIN number. These two numbers will be verified and they will access your account. You can then continue with your transactions.
What are the advantages of this?
You don’t have to worry about forgetting your card in the machine or about losing it. You don’t have to worry about safeguarding your card. As you will always have the mobile with you can use it for all bank transactions.
Benefits for the banks:
Banks also stand to benefit a lot from this. They don’t have to issue physical cards and maintain them. It costs them 100 to 200 rupees to issue a card.
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