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Telecom service providers such as Bharti Airtel , Vodafone India and Idea Cellular have waived off mobile banking fee or USSD (Unstructured Supplementary Service Data) charge for consumers till December 31, 2016.
“In order to facilitate the use of electronic banking facility and reduce difficulty to the common man, telecom operators have decided to waive off these charges for mobile banking services till December 31, 2016,” a telecom department official told ET.
The move is aimed to increase mobile banking services after the demonetisation of Rs 500 and Rs 1000 currency notes on November 8 by the Narendra Modi-led NDA government.
Currently, service operators charge customers for providing mobile banking or m-Banking services for sending text messages from their devices seeking information.
The move will help people with feature phones to access electronic banking facility without incurring any additional cost, the official added.
The USSD service allows customers to access banking services through a short code *99# irrespective of mobile carrier. The subscribers have to enter the first four digits of the IFSC of the bank to access the USSD-based services.
In May 2016, 37 lakh mobile banking transaction attempts (over USSD channel) were made over the NPCI (National Payments Corporation of India) platform, according to the Telecom Regulatory Authority of India (Trai).
The government is, however, aiming the use of mobile devices particularly features phones to facilitate financial inclusion of those living in India’s rural and remote regions.
Sunil Mittal-driven Bharti Airtel, UK-based Vodafone India and Aditya Birla group’s Idea Cellular did not revert to ET’s query till the time of going to press.
Demonetisation: Telcos waive off USSD-based mobile banking charge - ET Telecom
“In order to facilitate the use of electronic banking facility and reduce difficulty to the common man, telecom operators have decided to waive off these charges for mobile banking services till December 31, 2016,” a telecom department official told ET.
The move is aimed to increase mobile banking services after the demonetisation of Rs 500 and Rs 1000 currency notes on November 8 by the Narendra Modi-led NDA government.
Currently, service operators charge customers for providing mobile banking or m-Banking services for sending text messages from their devices seeking information.
The move will help people with feature phones to access electronic banking facility without incurring any additional cost, the official added.
The USSD service allows customers to access banking services through a short code *99# irrespective of mobile carrier. The subscribers have to enter the first four digits of the IFSC of the bank to access the USSD-based services.
In May 2016, 37 lakh mobile banking transaction attempts (over USSD channel) were made over the NPCI (National Payments Corporation of India) platform, according to the Telecom Regulatory Authority of India (Trai).
The government is, however, aiming the use of mobile devices particularly features phones to facilitate financial inclusion of those living in India’s rural and remote regions.
Sunil Mittal-driven Bharti Airtel, UK-based Vodafone India and Aditya Birla group’s Idea Cellular did not revert to ET’s query till the time of going to press.
Demonetisation: Telcos waive off USSD-based mobile banking charge - ET Telecom
