Literature Review On Mobile Banking

In January 2014, SmoothPay was first launched in Toronto, Ontario offering mobile payments with integrated functions such as customizable loyalty programs and solutions. In addition, this company’s network has reached over 5,000 users and 100 merchants in their well connected partnerships and community in less than two years. Despite this achievement, only a low percentage of consumers are using their smartphones to make their daily purchases across Canada creating difficulty in further promoting SmoothPay’s business. However, SmoothPay has focused in highly populated areas, such as universities. Therefore, this strategic decision has increased some brand awareness. Since this product lets consumers to easily connect with their payment accounts, such as Visa, MasterCard, and PayPal, many have

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

Mobility has brought a huge difference in the IT industry. Most companies are dependent on doing business via mobile devices. Most individuals with mobile phones, this is their only connection to information and entertainment.(class notes) Every company is now looking to emerge on top by using the latest mobility features that are not only efficient, but also effective. Mobility will allow for easy access of company documentation, easy collaboration and communication between teams both here and also offshore. In this paper today I will write about Mobile payments and how it affects retail competitiveness and operations.

There are many benefits that mobile banking provides to its consumers, but I would like

. Mobile services not only offer a new, convenient channel for existing customers of banks, the technology will also provide access to 3 Bnstrong global unbanked population

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

The emergence of smartphones, such as iPhone, Android, and BlackBerry, allowed banks to provide a richer

For many years, people have been waiting in anticipation for the opportunity to use mobile payment as the everyday way to pay for merchandise. As of late this anticipation has grown because on of the largest producers of smartphones are integrated the technology to do so in its newest phone release the iPhone 6 and iPhone 6 plus. Apple has one of the largest market shares of smartphone users standing at a market share of 41.3% in the three months ending in January 2015 according to Jason Hahn. With this release the mobile payment buzz truly took off. Since this release many companies had started offering pay stations that allow for this type of payment method to be accepted. As a result, it is not a surprise to anyone that many of the largest well known companies such as Visa, MasterCard, AT&T, and Verizon have increased their mobile application presence.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

The process of globalization and liberalization has virtually transformed the way of running business across the globe. Technology has entered into every sphere of the human life and the financial sector is no exception to it. E-banking, a product of the research conducted in the field of banking and financial services over the last century, is being used in India for some time now in the form of digital data in computers, Automated Teller Machines, credit and debit cards, mobile banking and net banking. Internet or e-banking means that any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. E-banking services can be availed for payment of bill, fund transfer,

Recently, there has been incredible growth in the use of mobile phones. That is because, they have become highly flexible and multifunctional, they can be used anytime, anywhere, and for several purposes – from utilitarian to hedonic. Also, the rate of internet users has been growing at a rocket speed over time (Negahban and Chung, 2014). These innovations in telecommunication have enabled the launch of new methods to access the banking services through several e-channels like internet banking and mobile banking. However, many bank customers still prefer banking in the traditional way – going to branch premises (Chandran, 2014). The underutilized information technology has led many researchers to develop numerous models to study its acceptance by people (Baptista and Oliveira, 2017). The fact that providing an enjoyable and fun environment can favourably increase the acceptance of technology by users (Venkatesh et al, 2012), has prompted many banks to apply gamification to their financial services (Baptista and Oliveira, 2017).

This mobile application securely stores credit cards, offers, gift cards and more on their mobile phone. This virtual wallet is changing the face of commerce by enabling customers to simply make “tap and go” payments with their mobile devices, while increasing loyalty at merchant locations. Although m-commerce market in India is still in its initial phase, India is getting richer and phones are getting cheaper. It is also estimated that, by 2020, 80% of the mobile devices used in the country will be smartphones. Many e-tailers have realized the potential of mobile commerce in multiplying their sales and are rapidly adopting the necessary tools, withencouraging re sults. Snapdeal.com, for example, gets over half of its sales from customers using mobile devices, while even one year ago the share of mobile purchases was a mere 5%.Flipkart, the largest online shopping platform in India, receives 20% of its e- commerce orders from customers using mobile devices and plans to increase this number to as much as 50% in future.India has more than 100 million users in India,of which nearly 84 million access the site through mobile phones. This suggests the rise of the “mobile first” generation of internet

On 11 April 2014, Finserve Africa a subsidiary of Equity Bank got its MVNO Licence. This act was intended to reduce the trade expenses and increase revenue stream by granting money transaction plus many other telecommunications services to more than 8 million subscribers. Equity Bank’s mobile and banking services platform launches a year after it had to deal with a myriad of inquiries from industry regulator, Communications Authority of Kenya, Members of the National Assembly and the industry top watchdog, the Central Bank of Kenya (CBK). The CA later approved use of thin-SIM technology in Kenya, even though there was opposition from competitors claiming that the technology could compromise some of the services they offered to there customers login security. Equitel’s 0.1mm-thin SIM can be overlapped on any other conventional SIM card. This makes it likely to enjoy use of Equitel and together utilize your original SIM – pretty much like handling a dual SIM phone only now you won’t have to purchase a new phone to host an another SIM card. If already donning a dual SIM phone, then you can either buy the regular SIM or opt for tri-SIM functionality by using some money on the thin-SIM.

Mobile banking is well utilized in countries of Europe and even Japan, yet it is slow to catch up in America. A study by Forrester Research found that only 10% of Americans like the idea of m banking while 35% already bank online