The (India) Economic Times: Banking transactions in India are set to migrate to mobile phones. From providing balance information and account alerts, banks are developing applications that now allow customers to make changes in their investment portfolios, purchase mutual funds and facilitate peer-to-peer payments. With more than 250 million mobile subscribers in the country, IT developers are hoping such applications become the preferred mode of transacting in the coming years. Citi India, along with mobile solutions provider mChek, has tested a pilot project that allows clients of a leading brokerage to respond to margin calls or enhance their credit limits by authorizing transactions over their mobile phones.
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