Mobile phone banking is catching on in the US, with a number of banks already offering the service or announcing plans to do so in the near future.

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Recession in the economy has forced banks and other financial industry to seek different ways in which they can increase their business. With the help of technology like SMS communication they are increasing monetization. Most of them uses web based SMS communication system with which they send million of messages quickly.

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Through mobile banking, subscribers are able to pay bills using mobile phones. As bills come one after the other, at least 3 bills (electric, telephone, water) per month are being paid. A subscriber having an account in a bank linked to the subscriber’s mobile provider can enroll for mobile banking. From there, the subscriber can enjoy the convenience of paying without the hassle of going to the bank or to the payment center. Though the network may charge a minimum payment for using the services, it is still far more expedient than manually paying in the bank.

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Self-Banking! What does that mean? Does it really mean I can be my own bank, receiving and keeping deposits for myself? Yes and No. Yes in that you will be able to keep and carry with you, your virtual vault receiving and making payments on demand anywhere anytime as you go, using your mobile phone or Personal Digital Assistant PDA. And no, in the sense that you will not need to set up a brick and mortar Wall Street type bank, with a 9 to 5 crew to make and receive deposits on your behalf.

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You have probably not heard about Mobile Money or Self Bank. May be you have, and simply shrugged it off as another one of those passing fad. But whether you have not heard about it or did and shrugged it off, does not really matter. What matters is that Mobile Money and Self Bank are here to stay and will affect the way you live your life and carry on financial and commercial transactions in the near, if not very near future.

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