This is the deal: You can have a new bank account right now. You don't have to go into a branch of a bank, fill in a lot of forms, send copies of your last three payslips or explain anything to any-one. You must have a mobile phone and be able to use the phone in the same way as if you were sending a text message.
This is what we have implemented for one of the biggest mobile operators in developing economies. MTN banking is a new generation bank that enable any-one to open a bank account directly on a mobile phone. Oh, you would say this is a play-play bank account. Yet, this is a fully flexed with all functionality bank account. Some of the features that the bank account provides for is the following:
a. A Mastercard credit card linked to the bank account with the ability to withdraw cash at an ATM or purchase goods at any Mastercard outlet.
b. Full EFT capability to enable debit orders and batch payments into the bank account (including SWIFT transactions). You could get your salary to be paid into this account for instance.
c. Full (and advanced) Internet banking where you could move money around and check statements any place in the world. You could also do advanced things (like schedule recurring payments etc.) However, you would need your mobile phone to log into the bank site.
d. On the phone you could send money to any-one else to their existing bank account, their phone or their credit card (in real-time) and with immediate confirmation via text message.
e. You could switch your card on or off via your mobile phone. Amazing feature if you have lost your card and then found it again.
f. By using the phone you can send statements to any fax machine or authorise your personal information to be faxed to some-one (for instance to authorise a debit order with a company)
g. You could pay bills, purchase airtime and pre-paid electricity directly off your phone.
New generation banking, made possible because of the unique characteristics of the mobile phone, already deployed and utilised by more than a 100 000 subscribers. Go and check it out www.mtnbanking.co.za