Mobile banking & payments terminology
In 2007, we'll be spending more time researching mobile banking, payments, and finance applications. So that we all understand each other, here are some of the key terms that will be used:
General terms/acronyms:
SMS >>> Short message service (also known as text messages, texts, SMSes, txts): A service available on most newer mobile devices that permits the sending and receiving of text-only messages; also can be sent to and from personal computers or even landline phones
MMS >>> Multimedia messaging service: An evolution from SMS, allowing messages to contain multimedia objects such as images, audio, video, and rich text
CSC >>> Common short codes: Special short telephone numbers of just four to six digits used typically by businesses to make it easier to send text messages their way (the Mobile Marketing Association has a helpful primer here)
WAP >>> Wireless Application Protocol: An open, international standard for applications that use wireless communication; primarily used to enable Web access from mobile devices
Mobile IM >> Mobile instant messaging: Similar to desktop instant messaging, but slimmed down to fit on a much smaller mobile device screen
Banking & finance terms:
SMS or text alerts: Simple one-way messages from the financial institution or payments provider to the mobile user with account-specific information
Mobile payments: Payments initiated through a mobile device, could be via SMS, WAP, or a device-specific application
Mobile banking: Online banking functions performed via a handheld mobile device (PDA, cellphone, etc.); the general term that encompasses WAP Banking, SMS Banking, or True Mobile Banking (see below)
WAP banking: Accessing secure online banking functions through a mobile device's browser
SMS or text banking: Two-way messaging; for example, using text messaging to query the server for account-specific information and have it returned to the mobile device, or responding to a bank-initiated text message to initiate a transaction
True mobile banking: Our term for banking functions delivered through a downloaded application run locally on the mobile device
Sources: Online Banking Report, Mobile Marketing Association, Wikipedia
