"Role of Mobile Banking Service of Economic Development of Bangladesh"

Mobile banking is a recently added service in the banking sector that facilitates banking via mobile devices. With the massive growth in mobile phone usage, banks moved to utilize mobile banking which makes banking easier, faster and very cost-effective. As banks do not have sufficient number of branches in the rural areas of Bangladesh, the growth of mobile banking is inevitable. Mobile banking is new in our economy. It is cheap both for banks and customers. Through this service, the bank will be able to lower down the overhead costs and make more profit out of it. The customers will be able to save time as well as money for their transaction needs. So, in Bangladesh, this service is getting popular day by day. Having introduced in early 2010, it has already become onof the largest industries of the country. Feel mobile banking services operators (Banks) in Bangladesh are as follows: 

Dutch-Bangla Bank Ltd. = Rocket

One Bank Ltd. = Ok 

United Commercial = Ucash 

Mercantile Bank Ltd. = Mycash 

 Brac Bank Ltd. = Bkash 

 Islami Bank Ltd. = Mcach

In Bangladesh, mobile banking has been a way of our life. We use mobile phones to cash in our out Mobile banking paves the way of banking for the unbaked people bringing this service to the very door of people. Now, Bangladesh is reaping out the benefits of mobile banking services. It is playing a vital role for the welfare of all class of people. As mobile banking offers a very attractive or economic package of services, people of all classes have readily accepted the services. As a result huge amount of transactions are taking place. Mobile banking financial services are gaining huge popularity through it's special features. 

Customers do not need to visit an agent for money transfer service. Customers can transfer form their account to any other mobile bank account from anywhere. A customer has to dial number and then enter the digit amount, receiver mobile banking account number, secret pin numbers amount others. Receiver of the money can cash-out the money by visiting an agent shop. 

The payment for shopping is like money transfer. In this case, the shoppers have to pay the merchants mobile bank accounts. So, customers do not need carrying cash money which is risky, Due to the convenience of mobile banking, one can easily pay utility bills, buy mobile phone talk time, ticket and so on. Besides, transfer money between business is also becoming popular. One can send money to the suppliers for the goods one received by using mobile banking service.  

The maximum amount of Tk 30,000 can be deposited into a mobile banking account each day and Tk. 2 lakh monthly. A person can withdraw money from the account for five times a day. So mobile banking is increasingly getting popular generating Tk. 10,000 crore in daily transactions on an average. The newly added banking in our life adds much flavour in the process of transaction. But there need some changes and carefulness in the field of mobile banking. 

• Banks should ensure the safety measures such as firewalls, intrusion detection and other related security devices are properly developed and enforced in the mobile banking system. In addition, banks should also stress the importance of confidentiality of personal identification number (PIN) in mobile banking. 
• The technology used must be secure and at the same time convenient to deploy and cost effective. 
• The overall security framework should be ensured.