Laxmi Bank launches mobile payments

Laxmi Bank, one of the leading commercial banks of the country, Sunday launched mobile payments in Nepal under the brand Mobile Money, which according to the bank, is a complete mobile banking. The new system, which is available only to account holders of the bank, enables people to transfer money to 10 chosen customers of the Laxmi Bank or pay phone bills by using mobile phones.
According to a press statement issued by the bank, launch of Mobile Money marks an evolution for basic information-oriented SMS service, focused mainly on non-financial transactions such as balance checking and transaction alerts to actual financial transactions such as fund transfers and bill payments. The launch of Mobile Money by the bank, which is in its seventh year of operation and the leader of electronic banking in Nepal, is sure to bring a major change on ways of services that Nepali banks are providing to their customers, said Suman Joshi, CEO of the bank. "The true anytime-anywhere service conducted through mobile phones will enable customers to conduct major banking activities without visiting a branch, ATM kiosk or logging to the internet," Joshi added.
Answering queries raised by pressmen, CEO Joshi said the latest mobile banking technology has been put into implementation after a yearlong study conducted in different markets with similar infrastructures and that the security of the system has been properly tested. Joshi further informed that cost of the transfer of funds from and to personal accounts will be Rs 10 per transaction, whereas the facility of paying phone bills will be available free of cost to the bank´s account holders. "We believe that as the penetration of mobile phone increases, the newly-launched service can be developed as the most economical and convincing tools of making payments," Joshi emphasized.
Source:Republica