Strategies to make Mobile Banking Popular in India

In the year 2002 Mobile Banking was started in India by way of SMS Banking. Now it is becoming a new generation platform in India. Mobile Banking is useful for the customers for making inquiries about their balances on mobile phones. With the arrival of smart phones and ever growing usage of internet on mobile handsets, application based banking has emerged as a new concept within this space. Mobile Banking is now being considered as the latest, fastest and easiest way to conduct banking transactions. Indian banks are taking efforts to expand the usage and scope of mobile banking. Telecom Regulatory Authority of India (Trai) issued the new regulations for mobile banking to ensure faster and reliable communication for enabling banking through mobile phone. As the number of mobile users in India is increasing day by day, there is a great scope for mobile banking. Therefore the customer should be made aware of Mobile Banking. To gain the popularity for mobile banking, banks should make tie-ups with the mobile service providers and try to provide services at cheaper rates.