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Carry Money In Your Smartphone With Mobile Banking And Mobile Wallets

Written by : Info Box Team
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Earlier, it used to take much time to complete a bank transaction because of more number of customers, bank timings, bank holidays, etc. However, the emergence of online banking has made banking transactions easy in day to day life. With the use of technology, it is now possible to do all banking transactions via mobile banking and mobile wallets using a smartphone.

All those who have smartphones can use mobile banking and mobile wallets. One can know the details of the account balance, the last three transactions and other details via missed calls and SMS. Almost every bank has its own app that comes with high security.

Before the invention of these apps, an individual has to visit a bank branch to open a fixed deposit and recurring deposit accounts. It was also a tedious process to transfer the sum or amount to the other person's bank account, it was necessary for him/her to visit the other person's bank branch to deposit the money. But now, these apps have made it all easy for the customers.

As mentioned above, all those issues have come to an end with mobile banking and wallet services. However, still, a majority of customers are using apps only for mobile or DTH recharges. Apart from mobile recharges, there are also other services which banking apps offer.

Here, let us see the other services which these apps offer.

  • Account balance

  • Mini statement

  • Balance transfer

  • Immediate Payment Service (IMPS)

  • Bill payments

  • One can open online fixed and recurring deposits, etc. Many such transactions can be done using smartphones anytime in a day.

Smartphone users can download their bank apps from respective stores. It requires user ID and password to access the app. The bank will send the details of the user ID and password to your registered mobile number. One can also contact the customer service of the financial institution for additional information.

Usage of credit and debit cards have increased after demonetisation, and nowadays, it is very rare you see people carrying huge money in their pockets. People have started adding money into their wallets and are paying with wallets at merchant outlets.

Differences between Mobile Banking and Mobile Wallet

Mobile Banking

Mobile Wallet

Is linked to your bank account

Not linked to your bank account

Used to perform all types of banking transactions

Money has to be loaded in the wallet first to do the transaction

Transaction limit is high

There is a limit on the transactions

Must log in first before doing a transaction

Can pay directly from the wallet

Used to pay for recharges, utility bills, movie tickets, travel tickets, etc

Used to pay for recharges, utility bills, movie tickets, travel tickets, etc

Secure your wallets

  • If you are using a mobile banking app, stop using public Wi-Fi to keep your data safe

  • Always update new versions of the app

  • Never save login credentials or share passwords with anyone

  • Always lock your smartphone

(Image Courtesy: Shutterstock)