Emerging Mobile Banking Scenario and its Adoption in India: a Study

With broadband communication technological developments and mobile phones penetration( 481 million by June 2009) into common man‟s life have triggered major thrust in the Banking service sector of India. With Mobile Banking- a revolutionary approach to banking transactions has created a strong connectivity between customers and the banks as both will transact with minimum cost and in minimum time. It is a timely and its cost effective services can deliver mobile money to non-banked poor people and will induce economic growth of the country. This article discusses the status of Mobile Banking in India and other countries with emphasis on data security and standards and its implication on banking sector.