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TMB to launch mobile wallet

The Tamilnad Mercantile Bank (TMB) is proposing to launch its mobile wallet in January 2016. It will be a product with a difference, said the bank’s GM-IT M.A. Nayagam. The wallet, in addition to normal functions like mobile recharge, will also facilitate payments in restaurants and ecommerce transactions, he added. The bank is formally getting into digital banking with a focus on mobile banking and net banking by providing all the functionalities in these two channels. One service it would provide to its net banking customers is to enable them to keep track of their expenses and suggest reduction. Besides, the system is intended to provide information like better cost options, availability of better discounts on different products in the market at different times, etc.

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