Information Madness

Reliance Telecommunications and ICICI Bank are planning to launch their money transfer services over the mobile phones. If this happens, it would be the first time in the country. This might give a boost to the m-commerce revolution which has already started.

This new service will enable ICICI Bank customers to transfer money from one account to another registered user's account. The transfer limit is Rs. 5,000 per transaction but will allow multiple transfers. This service will be available to Reliance Communications' prepaid and postpaid customers. (Business-Standards)

Nikhil @ ContentSutra made a good point about making this kind of services available across operators, across banks. If its limited to only ICICI bank, it would restrict the users to fully utilize the services of mobile money

transfer. Though, ICICI bank has 24 million customers across the country, it wouldn't hurt to have the same facilities available across the banks.

Another point that needs attention is the security. How safe is online banking in India? Recently, Bank Of India got hijacked by online criminals. Do you think the m-commerce wouldn't be affected by these type of attacks?