The integration of mobile and banking
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25 March 2011Bart Narter
Banks, mobile network operators (MNO) and other payment service providers (PalPal, Boku) across the globe are exploring the integration of financial services and the mobile phone. Analogous to the Celent reports on the Taxonomy of Payments, I will be writing about the taxonomy of mobile banking. In broad brushstrokes I think of the following categories:
- Alerts: A one way text message likely configured on another channel.
- Alerts: A request response text message that can generate a transaction. e.g. Your balance is $95. Would you like to transfer from savings?
- Mobile banking: internet banking on your phone with an app or web browser
- Mobile proximity payments: typically using NFC, but also bar code, or camera for RDC.
- Mobile payments using the mobile network as the account holder, e.g. mPesa
- Mobile payments using mobile commerce via merchant.
- Mobile couponing: transmitting tokens of value to users.