Traditionally, cell phones are used for making or receiving calls and sending SMSs or Voice mails. However, the telecom companies have now found out new application of mobile phones. Using mobile phones, customers can now make monetary transactions.
AT&T-owned Cingular Wireless has decided to provide mobile banking services in USA. For which, it has selected four major banks of the country. These are Wachovia Corp., Regions Financial Corp., SunTrust Banks Inc. and BancorpSouth Inc.
The AT&T customers who have dealing with these financial institutions can use their cell phones to check account balances, payment of bills and money transactions. Firethorn Holding LLC has developed the mobile banking service for the Cingular Wireless.
Cingular has announced that the new kind of service will be available for the BancorpSouth customers immediately and rest of banks by the end of this year. The customers need not to pay for the service except data usage fees.
AT&T will develop software in the second half of this year for the handsets, which have to be used for the mobile banking services.
