UK-based Barclays Bank has launched a mobile banking service in India that enables its customers to transfer funds, pay bills and make account enquiries using their GSM mobile phones.
Known as Hello Money, this banking service will cost customers Rs.30 a month and will be offered free of cost to salary account holders. But, it will also be available to “no frills account” holders, with limited features though.
Barclays Bank Director (Retail Banking) Suresh Gurumani said that Barclays Bank is also in talks with micro finance institutions to offer the Hello Money service.
Those customers who sign up for the Hello Money service will have to dial a given number before entering an assigned PIN number, after which they will have to choose the option for different transactions including buying top-up- time for their cell phones.
It is known that initially, Hello Money will be available through all GSM handsets on network operators such as Airtel, Vodafone and Idea in 40 Indian cities.
The bank also has plans to extend the service to CDMA handsets in the future.