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the convenience of mobile banking
With the help on mobile banking,
customers can make payments of their
bills from their mobile phones.
Subscribers who have accounts in banks
that are linked to the customer’s mobile
provider can apply for mobile banking.
After this, a customer can enjoy all the
services and facilities provided by
mobile banking. Bills can be paid
without paying a visit to the bank or
payment centre. Though a minimum amount
is charged by the network provider for
using such services, it is minimalistic
when compared to manually doing the jog
by visiting the bank.
Balance enquiry – Depositors may lose
track of their account balances. It is
essential for depositors to know their
balances for various purposes. Hence,
with mobile banking a consumer can
easily find out his/her account balance.
Moreover, the need to wait for bank
account statements sent via a mail is
eliminated.
Transferring funds – Mobile networks
offer the facility to transfer from one
account to another. This can be done by
enrolling a customer’s number into the
services of the network providers. After
enrolment, a customer can go to the
service centre of the network and
deposit the funds that have to be
transferred. The network facilitates the
virtual transfer of funds.
There are two ways for transferring
funds –
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Customers can deposit funds in their
“mobile account” after which it gets
transferred to the other consumer.
-
The customer can deposit the funds
immediately to the “mobile account”
of the recipient.
The money is transferred almost
instantly and can be accessed anytime by
the recipient.
Purchases – Goods or products can be
purchased by customers from their mobile
phones. This eliminates the need to
carry hard cash while shopping.
Customers have to maintain funds so that
purchases can be made. Keywords are sent
to both the buyer and the seller which
acts as the receipt. After receiving a
conformation, the buyers will be billed
for the amount they have entered.
Mobile banking acts as an alternative to
telephone banking. Before, phone banking
was preferred instead of visiting a
bank’s local branch. But the newer and
better alternative to phone banking is
mobile banking. In mobile banking, coded
messages are required to be sent so that
transactions are processed. There is no
need to wait for transactions to be
competed since it takes place in real
time.
The innovation of mobile banking has
added to the convenience of carrying out
basic operations easily. It is a boon to
a number of people even though it may
sound a little complicated. Moreover,
mobile banking also saves time and
money. When a message is sent to a
network provider, it will in turn be
forwarded to the bank after which the
processing of transaction takes place.
All this takes place almost instantly.
The consumer then gets a conformation
message indicating the successful
completion of that transaction.
These are just a few services offered by
mobile banking. There are many more
banking related transactions that can be
carried out by simply using a mobile
phone. |
