Mobile Banking

Meaning:

Mobile banking is a service that allows people to do their banking using a mobile phone, either through apps or SMS. With mobile banking, you can check your account

balance, transfer money, pay bills, invest, open accounts, and get customer support without going to a bank branch.

Types of Mobile Banking Services:

UPI Transfers: Sending and receiving money using UPI (Unified Payments Interface).

Balance Check: Checking how much money you have in your account.

Online Payments: Paying for things online using your bank account.

Loan and Card Management: Managing your loans and credit cards.

Investment and Insurance Services: Investing money or managing insurance through your phone.

Importance in Finance:  

Mobile banking makes banking faster, easier, and more accessible.

It helps people use less cash and visit bank branches less often, supporting digital financial  inclusion.

Impact on Goods and Business:  

Businesses get paid faster, can manage their accounts more easily, and reduce problems  related to handling cash. It also helps with e-commerce and online shopping.