Mobile receipts
The practice of SMS text message mobile receipting is becoming standard practice, particularly for financial institutions. These receipts, sent directly to the mobile phone of the customer concerned, offer increased protection against rising fraud and identity theft.
Growing demand for mobile banking options
The Juniper Research Report on the mobile financial sector predicts that over 800 million people will use their mobile phones to access banking and payment services by 2011. As a result the number of mobile banking transactions is expected to increase to 37 million by the same year. SMS text messaging technology is built directly into every mobile phone and it is a trusted and proven technology.
Advantages of mobile receipting
The advantages that mobile receipting offers over conventional security measures include the virtually instantaneous nature of transaction alerts and the inclusion of the customer in the process. This significantly reduces the time between the potential fraudulent event and subsequent action. Added to this the process is automated and cost-effective for financial institutions. Mobile receipts are used for real-time transaction alerts (credit card, debit card, online login etc) as well as actionable fraud alerts (alerts that require acknowledgement by the user). Mobile messaging is increasingly used in the financial services sector and the uptake of mobile receipting by major banking and insurance institutions offers further convenience and security to banking customers.
Categories:Telecommunications | Mobile telecommunications | Mobile messaging | Text Messaging