Fastnet mobile banking launched

ASB Bank is the first New Zealand company to offer a fully fledged mobile e-commerce package on Telecom's new CDMA network.

ASB Bank is the first New Zealand company to offer a fully fledged mobile e-commerce package on Telecom's new CDMA network.

Fastnet Mobile is an extension of ASB Bank's online banking facility that will allow customers the ability to access their accounts via a CDMA cellphone. Customers will pay the normal transaction fees for moving money between accounts and the like, as well as Telecom's download charges for CDMA.

Functionality is limited to viewing fund transfers, balances and "mini-statements" as well as viewing a transactions list. Future initiatives could include payments over the phone as well as "prepay mobile top-ups" from ASB Bank accounts, the company says.

Research company IDC says mobile banking is seen as a "top priority" in Europe where spending on "m-banking" is tipped to run at $US43 million this year. Nearly two million users are anticipated in Europe next year -- mostly in the UK, Scandinavia and Germany. Compound growth over the period 1999 to 2003 is expected to run at just under 200% for the period.

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