International Mobile Banking Updates - Aug 7

The Slow Shift from Cash Economies to Mobile Banking
"As I have written previously on the blog, mobile banking has the potential to make daily life for the world’s poorest not only more convenient, but also more financially secure. In fact, given the significant drawbacks of cash economies, mobile banking is now recognized as an effective antipoverty tool. After all, when someone stores her money in her home or on her person instead of in a formal bank account, she runs the risk that robbery or disaster will wipe out her assets. Studies show that when people save informally, they stand to lose between 15 percent and 25 percent of their savings each year—a huge loss for anyone but especially for those living on the edge."

NAB hits 2m mobile transactions at $1.5bn value
"MOBILE banking transactions are booming with the National Australia Bank reporting 2.1 million transactions from mobile browsers and apps for the month of July at a value of about $1.5 billion. The bank's mobile banking transaction rate is growing at 10 per cent a month, according to Ben Forsyth, NAB's head of mobile technologies."

UK smartphone users averse to mobile banking
"Just 20 per cent of UK smartphone users have embraced mobile banking services, with fears over the security of personal data chief among the barriers to adoptions, according to a recent survey conducted by YouGov. The survey, initiated by outsourcing firm Firstsource Solutions, also suggested a resistance to mobile wallet services in the UK, with almost 60 per cent of respondents ‘unlikely’ to use such a service."

A journey of banking for generations
"Up to 1994 - Remember when you had had to visit a branch to do your banking? Banking transactions were done manually, customers had to travel to branches or agencies to do their banking and transactions were all recorded on paper."

Now buy online rail tickets without cards or net banking
"State Bank of India customers will be able to pay for online train bookings through mobile banking using the Interbank Mobile Payment System that is available to all depositors."

Mobile banking has more hackers
"The shift to mobile banking has resulted in increased risks associated with hacking by those wanting to access personal information, says software company Netxactics. Delivering the 2012 Sophos Security Threat addressnin Durban company COO Cornel Swart said the incentive for hackers to attack mobile devices like cellphones and tablets was growing along with increased reliance on these devices for banking and other transactions."

Mobile Banking Security Lab launched
"The Reserve Bank of India Governor, D. Subba Rao, on Friday inaugurated a mobile banking security lab set up by the Institute for Development and Research in Banking Technology. The institute, established by the RBI, supports the Indian banking industry through innovative technology initiatives and interventions."