Mobile Banking in India- Benefits and Safety Issues
After the success of online banking, mobile banking is the next revolutionary step which has attracted huge customers from all over the country. With this service you can perform all the banking actions such as money transfer, credit card payment, bill payment, account updates and other transactions. Further all the other information related to your account can be accessed via your mobile phone within a span of few seconds. However the nature of banking activities that can be done depends on the facilities provided by your bank. Read on to know more about this banking service.
How to apply for Mobile Banking:
To get access to your account through mobile, you have to register for mobile banking you’re your respective bank. The registration process entails furnishing your beneficiary mobile number following which your bank provides a unique Mobile Personal Identification Number (MPIN) for your cell phone. In addition to this, you will be given a seven digit Mobile Money Identity (MMID) number. With MPIN and MMID you can use your mobile phone for all your bank actions.
Mode of Transfer
Once the above mentioned procedure is completed, mobile banking transaction can be made using different modes of transfer. For instance, you can use the SMS service or download the mobile banking application on your cell phone to start your banking activities. Although both of these modes are popular in their own way, it is better to go with the one that your bank offers and your mobile phone supports too.
Safety Issues in Mobile Banking
For safe mobile transactions it is always better to use alphanumeric password and do inculcate the habit of changing your password often. Further if you are doing large transactions, it is better to do it through the bank directly, rather than using mobile banking.
Benefits of Mobile Banking Service
- With the technological growth, mobile banking is gaining popularity over internet banking. In case of internet or online banking you need a computer and internet connection to access your account and this becomes a problem during urgency or when you don’t have internet connection. However this is not a problem with mobile banking as you will get network connection even in the remote areas.
- Personally going to bank for transferring money or for any other transaction takes more time and energy. On the other hand, with the use of mobile banking you can get your work done within few minutes.
- With the implementation of new user friendly applications and software, mobile banking through your cell phone has become simpler. As a result of this, more and more people are attracted towards it.
- Mobile banking keeps you updated with any activity done in your account. For instance a money withdrawal, money transfer and other transactions to and from your account will be brought to your knowledge via SMS.
- Information such as mini-statement of your account, Insurance and mutual fund statement, loan updates, credit card statements etc. can be obtained on your mobile phone.
- Mobile banking is not only used for banking service but also serves as a way to sell the products of bank such as credit cards, loans etc.
- If you are interested in stock market and other real time investment then this is the best option for you. With this modern technology of banking you can keep yourself updated with portfolio management services, real-time stock and other news on stock market.
Popular Banks with Mobile Banking Service
According to a recent survey, nearly 17.75 million customers are on mobile screen. The leading banks in this sector are ICICI bank; HDFC and SBI. Some of the other key players in mobile banking are Axis Bank, Syndicate Bank, Canara Bank and Bank of Baroda.
Contributed By: Aruna Sharma |
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Mrs. Sharma holds a Masters in Financial Management from University of Mumbai. She has graduated from the University of Mumbai. | |
