Mobile Banking

Meaning:

Mobile banking is defined as banking services conducted through a mobile phone, utilizing applications or SMS. This service enables users to check account balances, transfer funds, pay bills, invest, open accounts, and access customer support without the need to visit

a physical bank branch.

Types of Mobile Banking Services:

UPI Transfers: Facilitating instant money transfers through the Unified Payments Interface.

Balance Check: Allowing users to monitor their account balance conveniently.

Online Payments: Enabling payments for goods and services via online platforms.

Loan and Card Management: Providing tools for managing loans and credit card accounts.

Investment and Insurance Services:  Offering options for managing investments and insurance  through mobile interfaces.

Importance in Finance:  

Mobile banking significantly increases the speed, convenience, and accessibility of banking services.

It lessens dependency on cash and physical branches, fostering digital financial inclusion.

Impact on Goods and Business:

Businesses experience faster payment processing, easier account management, and reduced theft or cash handling issues. Mobile banking also supports the growth of e-commerce and online marketplaces.