News – Mobile banking services coming up

Physical paper currency will be extinct. Replace with “0” and “1”. Manipulation will be easier than ever…

The intention to launch mobile banking was to ensure that whatever a customer could transact through Internet banking, he could do the same on a phone, he said, adding that a smartphone was not necessarily needed for this purpose.

MyClear’s MyMobile service facilitates fund transfers without the need to key in the name and account number of the recipient as only the handphone number was required.

It also uses the unstructured supplementary service delivery (USSD) technology as unlike SMS, where information is stored, USSD does not store any information and hence provides better security coupled with a flat fee for any number of transactions within a four-minute duration.

MyClear also allows banks that do not have mobile banking to ride on its MyMobile system.

Mandated to drive the country’s migration to electronic payments, MyClear was established in 2008 and acquired the retail payment services from Malaysian Electronic Payment System Sdn Bhd (MEPS) in 2011.

On the security element of mobile banking, Mohd Suhail said it was very safe as the registered user would have a PIN number tied to his mobile phone, coupled with the stringent security system within the respective banks and telcos.

MyClear would be conducting education programmes on the benefits of the mobile banking service as well as through advertisements and other programmes, Mohd Shuhail said.