Mobile Banking For Inclusive Growth - Punjab National Bank ...

e-trackthat offers services such as account information, means of doing banking transactions provides afund transfer within accounts, stock payment major indicator of customers requirement. Theinstructions, requests & intimations for cheque success of EFT depends heavily on networks tobooks, bill payments, communication with account provide reliable and efficient inter connections.manager etc.ATM's are specialized terminals that dispense cashThe impact of IT on financial services hasand require wide area network (WAN)been most significant in payment services whereincommunication with the central banking computer.ATM, credit cards, Debit cards and other modes of 3. Electronic or Digital Cash (E-cash).payments have brought a drastic change in theIt is a system of transferring funds through apayment mechanism. This has been made possiblenetwork such as the internet. Here cash exists in theby making cash available any time at any place in theform of validated tokens represented by a string ofworld. In fact IT has changed the concept of cash &digits. E-cash can be purchased from onlinecredit throughout the world. The technologicalcurrency server, i.e. usually a bank or Financialadvancements which have taken place in the worldInstitution. It deals with the circumstances in whichof business payment are as followsthepayer is not present at the point of sale or service,1. Electronic Fund Transfer (EFT)-It is a system of transferring funds on requestbut can communicate electronically, for e.g. it isconnected to the Internet, or to some other form ofusing a wide area network. It covers a wide range ofglobal information infrastructure, such as a cable-transaction services like-TV installation with enhanced capabilities.* Banking Services4. Credit & Debit Cards:* Funds transfer between accounts at the sameDuring the 21st Century the usage of creditbank or at different banks.card has expanded significantly throughout theworld. Debit cards have been introduced more* Stock brokerage servicesrecently and together they represent the most rapidly* Retail ATM services. growing method of payments in many countries.* Business transactions like fund transfer, Today credit & debit cards are preferred methods ofinvestments, overdraft arrangements etc. settling small value payments associated with thepurchase of specific goods and services. Separate* Apart from these services intermediate orelectronic clearing and settlement systems haveovernight fund transfer, online creditbeen established by the major credit card companies.authorization, reduced need for customers toFor instance, Master card and visa have establishedcarry cash or cheque are some of thetheir own networks which are used for verifyingadvantages of EFT.transactions world-wide.2. Automatic Teller Machine (ATM):-5. Smart Card:Today the number of growing ATM networksSmart cards are just like credit cards but serveis the greatest advantage of EFT environment. Thea different purpose. It contains a chip which has awide spread acceptance of ATM's by the public as a23January-March-2010