Are you cashless after the currency ban? Mobile banking will help you to pay for your utilities and Mobile banking allows customers of a financial institution or bank to conduct a number of financial transactions through a mobile device such as a mobile phone, tablets, computer or personal digital assistant.
Mobile banking offers many advantages, such as good security, easy access and plentiful applications for smartphones and in this demonetization time, you can opt for mobile banking to recharge your mobile to pay your electricity bill.
The six best reasons to use mobile banking
1. Cost effective
Banking at the self has many hidden charges and through mobile banking you can check your account balances, transfer money from one account to another, find an ATM, setting up alerts, view account statements and Banks offer this services at very low cost to the customers. Apart from this basic features, mobile banking services include direct deposit of checks our mobile camera, paying bills, sending money to another person, transfer credit card balances etc. Mobile Banking is cost effective and Banks offer this service at very low cost to the customers.
2. Control on your money
The biggest benefit of mobile banking is that you have more control of your money and you can monitor your balances and always know where you’re at financially. With account alerts, you can know the overdraft status, credit card payment date and much more and you can deposit checks instantly. Users will get reminders when to pay bills All these features make you in control of your money on your time.
We can check account balance or look at recent transactions while traveling and it is available round the clock, that is 24X7. Easy and convenient for many mobile users across in the rural areas. No need to drive to a branch during day time. Mobile banking takes us back to the days when we used passwords.
4. Do not worry about security
Good mobile banking apps have a security guarantee. For making each and every payment they will send you an SMS verification code or OTP and you need to input to authorize a payment for added security. Now a days mobile banking is said to be even more secure than online/internet banking.
5. Less fraud
Banking through mobile reduces the risk of fraud. You will get an SMS if there anything happened in your account. This includes deposits, cash withdrawals, funds transfer etc. As soon as any amount is deducted or deposited in your account, you will receive a mail or message immediately. Customers are being deputized in real time to watch their accounts is the best merit of mobile banking.
6. No need of internet
Mobile banking utilizes the mobile connectivity of telecom operators. Therefore it does not require an internet connection. Now we can find mobile connectivity in the remotest of places also where having an internet connection is a problem. Mobile banking through cell phone is really catching up, connectivity is not a problem. Mobile connectivity is vast and this makes mobile banking very successful and accessible for all.