India Mobile Banking
A mobile bank is an innovative service provided by online financial institutions. It allows its clients to transact online using their smartphone, tablet or other mobile device. This can be done right from the comforts of your home. However, not everyone knows how to use mobile banking to their advantage. Many banks do not have coverage in all parts of India. Mobile banking is a good option for those who don’t have a mobile phone but still wish to explore financial options.
Remember that internet banking comes with its limitations. The limits of internet banking usually depend on the user’s internet connectivity and also the internet connection speed. If you don’t have enough bandwidth or a slow connection, internet banking won’t work for you. When you attempt to make a transaction, it will fail or be extremely slow. When this happens, you will not be able to access any of your transactions online.
Mobile banking, however, is completely different. It relies entirely on internet connectivity. This is because the service provider always keeps a data of all the users and their banking details on the database. This facility is available to all banks regardless of whether or not they have internet banking. The user does not have to worry about these things because the company providing the facility is entirely responsible.
One more thing is different between regular internet banking and mobile banking. A mobile phone is all that mobile banking needs. Mobile banking allows you to make any type of payment via your mobile phone. Hence, the users can do their transactions from wherever they are. They don’t even need to visit the bank branch. All transactions are made at the phone’s actual location.
You have two options for mobile banking. You can use either the online or offline modes of accessing the account. To make transactions, you’ll use your mobile phone in either case. If you choose the online option, your information will be sent via your mobile device to the bank’s address. Once the bank has received the transaction, it will transfer it to your bank’s account.
Internet banking is also called offline mobile banking. The process is exactly the same but the only difference is that it doesn’t involve any mobile banking facility. All you need to do is visit any local branch of your respective banks and make the payments. You can even use the debit cards or even the credit cards to make the payments. They are supported by almost all Indian ATM machines. Once you make a purchase over the internet, the payment will be debited from the card or from the account of your account.
Another major advantage of mobile banking in India is that you don’t need to have a bank account to access funds transfer options. This can be done directly from your phone. The exact amount you have transferred may not be visible on your account. This is because your payment was not converted into cash at the merchant. You will see the amount that was transferred to your account, and this will enable you to withdraw the funds. This method of banking is accepted by nearly all Indian banks.
In India, only a few financial institutions have taken the mobile technology seriously and have started offering mobile banking. Many of the top banks such as HDFC, ICICI Banks, Union Bank, ING, etc. have already launched mobile banking apps in India. Customers can access their accounts via their mobile devices. These financial institutions are offering free banking on mobiles and select prepaid and/or post-paid cards because of the fierce competition in the market.