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Personal Finance - Lost the Purse? Don't Worry; Just Use Your Mobile Phone to Arrange Cash

18-Jan-2013

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How a cell phone can be used for money transactions while you are on the move

Consider an imaginary scenario. You are on a holiday and your wallet is stolen. The wallet had all your cash as well as your credit and debit cards. A pretty bleak scenario, right? Sure, you can always call a friend, who may be staying nearby, for help. But what if he is also holidaying somewhere?

Relax. Don�t you have your mobile phone with you? Apart from informing the banks about the loss of cards, it can also help you in the money matters. Banks like IndusInd Bank and Axis Bank now offer card-less withdrawal facilities through telecom operators and mobile payment service providers. Such facilities allow accountholders to withdraw money from ATMs using their mobile phone number, which acts as the user ID, and the designated PIN.

�Several banks offer card-less withdrawals to their customers. If the accountholder has lost his/her card but has the cell phone, he/ she can always go to the bank�s ATM and withdraw money using a combination of a secure code delivered on his/her mobile and PIN provided by the bank for card-less withdrawals,� says Tushar Shankar, sales head, SAARC, ElectraCard Services. Many mobile phone users are increasingly realising that the instrument in their hands can do much more than just connecting them to their family and friends.

BREAK FIXED DEPOSITS IN AN EMERGENCY

Apart from offering convenience and entertaining you with a variety of gaming applications, Android and Windows can help you during emergencies, too. For instance, say, you have to rush a relative to the hospital on a weekend. You require funds urgently, but you will have to wait until Monday to break that fixed deposit. In such circumstances, your smartphone can come to your rescue. �If you are stuck in some financial emergency, you can just break the FD over your mobile phone, even from a remote location. Subsequently, you can withdraw the money from any ATM. This is a real-time benefit that cell phones offer,� says Mukund Seshadri, certified financial planner, MS Ventures Financial Planners. �Hence, it is best to keep your contingency fund in FDs. You just have to download the bank application on your mobile.�

SELL STOCKS AND REDEEM MUTUAL FUNDS ON THE GO

If you spot an opportunity to sell your investments in stocks of mutual funds while you are on a holiday, again you can turn to your cell phone. �Brokerage houses also have specific applications for the mobile phone which helps you buy or sell mutual funds and stocks. This platform will also connect you to your savings account, where the necessary amount can be credited or debited to sell or buy stocks and mutual funds. It follows the same T+2 system for settlement of cash,� explains certified financial planner Pankaj Mathpal, CEO, Optima Money Managers. What�s more? You need not necessarily have a smartphone to carry out these transactions. Besides, even those with smartphones could see interruptions in internet connection at some point in time during the journey. To tide over this issue, you can complete such transactions by sending SMSes, too.

SEND MONEY TO FAMILY MEMBERS WITHOUT BANK ACCOUNTS

Then, individuals who do not live in the same city as their families can also find uses for mobile banking. In case of an emergency, they can immediately transfer funds through a mobile payment mechanism even if their family members do not have a bank account. However, senders need to check if their banks offer such facilities. This apart, it helps the sender to act without delay, even if s/he is travelling. �You can transfer money to someone while in transit � whether in a bus, car, train, flight or at the airport,� says Probir Roy, cofounder, Paymate, a mobile payment solutions provider.

PAY BILLS AT THE LAST MINUTE

Many find the constant nagging by telecom operators, insurers, credit card issuer etc urging them to pay their bills irksome. However, the fact is that the tendency to postpone or forget paying bills is all-toocommon. So, what can you do if you receive a reminder when you are travelling or are not in a position to access your computer or visit the bill payment centre? You can simply use your cell phone for the purpose. �Mobile-based payments can come in handy for making last minute bill payments � towards mobile top-up, electricity bills, DTH, premia and so on � to prevent disconnection,� says Roy. And of course, also save a few rupees by avoiding late payment penalty.

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