Telecom Operators Waive Off USSD Charges on Mobile Banking Till Year End
In a bid to encourage the cashless economy, Narendra Modi-led government finds an ally in the telecom networks. The leading mobile network operators have announced that all USSD (Unstructured Supplementary Service Data) charges will be waived off for mobile banking till 31st December 2016. In what can be described as a good opportunity, the telecom operators believe this measure will encourage citizens to make use of mobile banking and ease their burden.
No USSD Charges from Vodafone India:
Leading from the front, Mr. Sunil Sood, MD & CEO, Vodafone India, said, “We are committed to help actualize the Government’s several initiatives designed to make India a digital economy. To ease the burden of masses, Vodafone India is waiving off all USSD charges presently levied for mobile banking till 31 December 2016.”
As there are several million customers using feature phones, free access to mobile banking will persuade the subscribers to adopt easy and convenient mode for banking. Vodafone subscribers can enjoy the digital wallet service of M-Pesa and digitize cash, remit and pay bills and or withdraw at more than 120,000 touch points across the country.
Me too Airtel:
Similarly, the leading mobile network operator Bharti Airtel has also waived off transaction charges for all USSD-based mobile banking services till the year end. Commenting on waive off, Bharti Airtel spokesperson said, “This is a great move towards a cashless economy and would surely encourage mobile banking transactions and enables further growth in Indian economy.
Though the RBI has put a cap of ₹5,000 for small value transactions, it is enough for day-to-day requirements until this cash crunch is resolved. Before the announcement of telecom services providers, a onetime charge of ₹ 1.50 per transaction was levied on your mobile bill.
Fund Transfer Process Via National Unified USSD Platform (NUUP)
Telcom companies waiving off mobile banking charges till Dec 31, 2016, is a good move to facilitate the use of electronic banking without incurring any additional cost. At present, a charge is being levied by telecom operators for the mobile banking, which is commonly known as USSD charge (Unstructured Supplementary Service Data).
Hope it would reduce difficulty to the common man as there is a large number of the population using feature phones to access electronic banking facility. An awareness should be created among sabziwalas, autowalas, rickshaw walas, etc.