You may soon see your bank getting smaller in size and lesser in sight as the need for physical presence of banks is reducing gradually.
Cyber security firm FireEye said the apps were infected with malware that could allow hackers to steal user credentials.
The government is trying to push for inexpensive ways of going completely cashless with or without the use of internet.
As per market research firm Strategy Analytics, Qualcomm leads mobile chipset market globally with 37 percent share.
NPCI is trying to promote the USSD, or *99# service â€” which can be accessed without internet connectivity on both feature phones as well as smartphones â€” more aggressively than the United Payment Interface, which can be accessed only from smartphones with data connectivity.
From cash transactions to cheques to debit and credit cards to net banking, mobile banking and now digital wallets. The way we transact and deal with money has gone through a sea-change over the last one decade but one thing is clear that digital is here to stay and it is growing by leaps and bounds.
The report further said that by then mobile payments will form 10 percent of the total payments in India which was just 0.1 percent in financial year 2015.
Mobiles are preferred mode of banking for most individuals. However, one must be digitally prudent while using mobile banking applications.
The phase by phase soft launch will be spread across DBS's locations in 12 Indian cities, including Mumbai, Delhi, Kolkata, Chennai, Bangalore and Pune, from end of next month.
Raghuram Rajan said payment banks could be allies to regular banks in reaching banking to remote areas where there can be no branches, SBI chief Arundhati Bhattacharya thought they could intensify competition to the deposits sphere and eat into their margins.
There could also be a positive rub-off on existing banks partnering with payments banks through increased access to unbanked and under-banked areas in a cost-efficient manner.
Eleven private parties were given licences to set up "payment banks" - banks which can do everything a regular bank can do - take deposits, pay bills, issue cheques and drafts.
The remittance service allows money transfers in 60 seconds to the beneficiary's account through the DirectRemit platform, it said
Axis Bank launched a service wherein customers using the expensive i-Phones can authenticate transactions using their fingerprints through a service called 'Touch ID'.
Corporates are increasingly using mobile banking, according to HSBC, and it expects global payments through its mobile banking platform to touch USD 100 billion in the next 18 months.
SBI chief Arundhati Bhattacharya, ICICI bank head Chanda Kochhar, Biocon founder Kiran Mazumdar-Shaw and HT Media chairperson Shobhana Bhartia are among the world's 100 most powerful women, according to the Forbes' annual list which is topped by German chancellor Angela Merkel.
The tie up with Emirates NBD enables customers to transfer funds to account holders of ICICI Bank in India within a minute through the DirectRemit service.
In-store mobile banking, which allows mobile to mobile transfer of money has a huge potential. Khan said the country is a cash-incentive economy and the objective of the central bank is to move towards a near zero cash society.
Despite all the positives, credit growth numbers have not picked up that well. Rajan says for a positive growth push, investment growth needs to pick up.
A system is already in place for the service and banks need to "wake up and move" on it, Trai Chairman Rahul Khullar said during an Assocham event on financial inclusion.
Be it transferring money to your near and dear ones or using Facebook apps or finding out the best offers from your bank in your neighbourhood, mobile banking has become the coolest way to bank these days.
With number of internet users on mobile phone increasing manifolds, e-retailers are eyeing the platform to boost sales in the long-run.
Axis Mobile 2.0 offers a high level of personalisation, allowing users to customise their mobile banking experience, depending on the user segment.
BankBazaar.com deciphers whether it is of any sense to opt for a privilege banking when there are many other avenues available.
New study uncovers consumer expectations for mobile banking services, revenue opportunities for banks.