In the month of November 2009, we heard of Third Party Solution for Mobile Banking, when PTA and State Bank of Pakistan in cooperation exposed the anticipated development of unified regulatory framework for Third Party Solution Provider (TPSP) system for enhancing mobile banking in the country.

Throughout, there were a number of meetings, discussions and declarations on the subject of the upcoming system. Newest of these was news that broadcasted just previous month when the Chairman of PTA Dr.Yaseen publicized that regulation for Third Party Solution for Mobile Banking will be concluded the end of the year.

On Dr.Yaseen’s personal blog, a post was published recently which uncovered several insights of this third party solution according to which an offer is being attained where each and every cellular company will be able to put forward mobile banking services to their consumers, in spite of the bank these regulars have account with.

Then it means that customers won’t have to face hardships in handling their Citi bank accounts (or account in any other bank) with their Ufone connections. And even if they select Mobile Number Portability and move to Telenor (or any other network), their Citi Bank account will still be handy by mobile phone, effortlessly.

As stated by Dr.Yaseen:

Consumers belonging to any bank and mobile operator would have the freedom of managing their finances when and where they want. This means that all banks and mobile operators would be able to connect with each other resulting in a situation where any bank customer can access their accounts, transfer funds, and interact with all other bank customer using mobile connection. (This system is named as Mobile Payment Service Providers or MPSP).

Safety is going to stay the most important apprehension for the customers. Other than that it would be dealt with easily by having multiple encrusted precaution verification by means of encrypted SMS channels.

To get a clearer portrait in mind, we are yet to get further details on the system. Except for the time being, this system would be very handy for the customer, forming new prospects for both the cellular companies and the banks. Simultaneously, consumer will be more allowed following this with 24/7 right to use to their bank account from their mobile phones.

It would be better for both the bank and telecom operator companies, not including those who had previously endowed millions of rupees in getting their mobile commerce elucidations. For example, Telenor has greatly empowered both the capital and time to get its Easypaisa aerodynamic. They have lucratively executed in excess of Rs.20 billion with 9.9 million transactions till December 2010. Not to forget to mention UBL Omni this is another famous product, which has grown reputation in the era.

There may perhaps be a slight possibility of clash of significance for both the operator companies and banks. However for a second time, let’s hang around for more fine points to surface regarding the mobile banking services.