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The internet and the mobile phone that two technological advancements that have profoundly affected all of us in the last decade now on boom. The products of this association are mobile data services. Using a variety of platforms, services are being created to enable mobile devices to perform many activities of the traditional internet, albeit in a reduced format for mobile devices. One area of activity is mobile banking (one of the first areas of commercial transaction on the wireless internet). Banking is an area that has extended in many different ways in recent years, including telephone and online banking. M-banking provides yet another channel for banking services, and in emerging markets, provides some possibility for becoming a primary channel. Mobile banking, a symbiosis of technology and financial services, is the hottest area of development in the banking sector and is expected to replace the debit/credit card system, online or netbanking in future. In the past two years, the number of people using mobiles has increased three times, as compared to the use of debit/credit card holders. And, 85 per cent -90 per cent of mobile users do not own credit cards, There are 47 million mobile users, with 2 million being added every month. Despite such potential for convenience and business opportunity, few people use mobiles even for simple banking queries. Present paper is focused on about mobile banking, its use and applications in bank sector. The technology required in mobile banking and some barriers like interoperability, fraud and security will be discussed also in this paper. This paper examines the strategic implications of m-banking and the strategic positioning of m-banking services in different markets. The paper concludes with a discussion of the future for m-banking services.