Mobile
Banking: Mobile banking is a system that allows
customers of a financial institution to conduct a number of financial
transactions through a mobile device such as a mobile phone or personal digital
assistant.
Mobile banking differs to mobile
payment's which involves the use of a mobile device to pay for goods or
services either at the point of sale or remotely, analogously to the use of a
debit or credit card to effect an EFTPOS payment.
The earliest mobile banking services
were offered over SMS, a service known as SMS banking. With the introduction of
smart phones with WAP support enabling the use of the mobile web in 1999, the
first European banks started to offer mobile banking on this platform to their
customers. Mobile banking has until recently (2010) most often been performed
via SMS or the mobile web.
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