India's National Telecom Backbone Bharat Sanchar Nigam Ltd (BSNL) and State Bank of India (SBI) today announced a partnership for extending banking and payment services (Mobile Money) to India’s unbanked millions through the ubiquitous USSD SMS based mobile platform.
With the partnership announced today BSNL customers having their account with State Bank of India (SBI) can enjoy Mobile Banking facility with all banking transactions including Money Transfer, Mobile to Mobile Fund Transfer, Balance Inquiry, Mobile Top-Up/Recharge, Mini Statement, Checkbook issuance, Prepaid Mobile Recharge and Postpaid Bill payment and lot more just for Rs.15 per month. The service will be work over USSD based SMS system.
Earlier SBI offering an SMS or GPRS m-banking service called SBI FreedoM for mobile banking. The new USSD based Mobile Money service is instant, easy to use and work without any Mobile Internet service facility on mobile phone.
The BSNL Postpaid or Prepaid customers will have to register for the services with SBI. The user has to dial *595# to view simple menu choices and key-in your choice (check below PPT for details). Customers will be able to view account balance, get mini statements, do Fund Transfer, change MPIN or recharge their mobile account. He will also receive confirmation regarding successful transaction over USSD SMS.