Short message service (SMS) based mobile banking system will introduce to Myanmar, a source said.
Lack of data line service (internet) ability in CDMA 450, mobile SMS banking software will be used.
Mobile banking is a 24/7 banking service
that provides balance check, account transfer, payment, credit
application and other banking transaction through a mobile phone device.
Registration with service provided bank
will be required to unlock the system. On the approval, banks will
provide a password for a user.
“There are online banking system and SMS
banking system. Myanmar Post and Telecommunication (MPT) has
infrastructure for SMS banking already. However, MPT is required at
least three months to set up the system with banks,” said an official of
MPT.
“SMS banking is mostly used in impoverished countries. There are various mobile banking and payment systems. We choose the system based on our country. SMS banking has weakness for security reason. Usually SMS banking is used for the small amount of transaction,” said CEO Tun Thuya of the Mandalay Institute of Technology.
“SMS banking is mostly used in impoverished countries. There are various mobile banking and payment systems. We choose the system based on our country. SMS banking has weakness for security reason. Usually SMS banking is used for the small amount of transaction,” said CEO Tun Thuya of the Mandalay Institute of Technology.
source: Eleven Myanmar
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