Mobile banking is like Internet banking but instead of using your PC, you use your cell phone. You get 24/7 access to mobile banking, mobile payment, mobile wallet, mobile money transfer and other financial services, from anywhere. Many countries are offering mobile banking including India, Sri Lanka, Italy, and Columbia.

For example, all Colombian GSM operators and Colombia's largest banking network, Redeban Multicolor allow mobile subscribers to perform secure transactions on the move and access banking services, transfer money, check their account balance, recharge mobile prepaid cards, and pay bills.

Fraud prevention has become essential to the success of mobile banking. Transactions exchanged between the bank and SIM chip in the phone adhere to the hightest security standards.