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Mobile ECIG mERCHANT ACCOUNT banking – the future of banking

The way businesses are conducted in the financial sector revolutionised after internet came into existence. With the help of the internet, business owners came up with new models for their businesses. Also, newer methods were invented so that they could offer non-stop services to their consumers. With the possibility of conducting financial transactions over the internet, many new players came into existence such as online brokers and online banks. Mobile devices such as smart phones have become the most promising method for businesses to reach out to their customers because of their ability to provide services anywhere and anytime. Moreover, these mobile devices not only have high penetration rates but also high potential for growth which has made it a force to recon with in the banking sector. Business models for mobile banking depend upon banking agents such as the postal or retail outlets for processing financial transactions in the place of banks. Banking agents play a vital role in business models for mobile banking since cash management, service quality and customer care rely on them.

Mobile banking models can be classified into three main categories –

-       Non-bank led models

-       Bank-led models

-       Bank focussed models

The Bank focussed model is obtained when traditional banks use low cost non-traditional channels for providing banking related services to the existing consumers. Examples of bank focussed models include ATM or automatic teller machines, mobile phone banking or online banking to offer limited services to the consumers.

The Bank-led model is an alternative to the traditional branch-based banks, through which consumers conduct financial transactions through mobile phones or retail agents in the place of bank branches or through bank executives. This model has the potential to increase the reach of financial services by utilising different delivery channels like mobile phones or retail agents, different trader partners such as telcos or chain stores, and is also cheaper when compare to other bank-based alternatives.

Non-bank led models is a type of model where banks are nowhere in the picture and all the functions are performed by non-banks such as telcos.

The fastest growing sector is mobile banking which may replace debit/credit card system in the near future. Moreover, mobile banking helps in reducing costs for transactions.

The total number of people who use mobile is much more than the number of people who use the internet. Hence, it is essential to take measures so that this medium is safeguarded while financial transactions are carried out. Certain systems need to be in place to ensure security so that this medium is safe for e-banking. Techniques such as phone-loch function on the mobile handset, setting up hard-to-crack passwords, and secure phone configuration should be used which will ensure security. Moreover, the e-mail software and web browser should also be configured such that security is not breached. It is essential to keep mobile phones updated with the most recent updates and patches including using software such as anti-virus which will keep unwanted troubles at bay. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.