Is really mobile banking system increasing our stress?

Admin Post Saturday, May 22, 2021

The bip of text message has never sounded so sweet. There are thousand of verities types of SMS comes to our mobile phone everyday. Althouse some time we wait for SMS while we know some valuable thing is coming through text message. Transferring money via SMS is a revolutionary idea for Bangladesh, not only Bangladesh but also it has a pivotal contribution in the economy in third world country where about 70% of people are excluded from the formal banking sector.

In Bangladesh, Most of the mobile bank authority has covenant with major telecommunication operators. They allow their subscribers to send money to their own or other operator's mobile number. A user does not even need a new mobile phone or SIM card to transfer money, users just need to go to the nearest agent point to receive or sending money. Although a user can send money to other user by using his/her own mobile phone by following some steps. Mobile bank authorities purport that they are providing ATM cards to their users without having any formal bank account. Apart from that users can purchase their daily products from super shop or department store by using mobile bank.

Mobile bank has versatile impact on the economy of Bangladesh. Copious amount of people in Bangladesh are illiterate causes they are unable to have an account because inordinate amount of forms are provided by conventional bank. In the past, people who are working in the city trying to help their friends and family by sending money used a person to carry their money was really expensive and time consuming. Mobile banks are really helping those people also government to find new tax source and service charge.

A lot of people think that mobile banking core system has really colossal amount of risk. Some people admit that they get a lot of abusive phone calls from malicious person during transaction period. Some people lost their money too. But mobile banking authorities insist that there is only danger is sending cash to the wrong mobile number and recipient redeeming it straight away. They even said that if someone's phone is stolen, the PIN system prevents unauthorized withdrawals.

There are a lot of positive and negative effects in mobile banking and still, this project is being watched closely by mobile operators and banking companies around the world as a way of million transferring hassle-free cash transactions.

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