Mobile Banking

Meaning:

Mobile banking is defined as a suite of banking services that can be performed  through mobile devices, utilizing applications or SMS for transactions. This service allows

users to check account balances, transfer funds, pay bills, invest, open accounts, and access  customer support without the necessity of visiting a physical bank branch.

Types of Mobile Banking Services:

UPI Transfers: Enabling instant fund transfers through the Unified Payments Interface.

Balance Check: Providing users with the ability to monitor their account balances in real- time.

Online Payments: Facilitating payments for goods and services via digital platforms.

Loan and Card Management: Offering functionalities for managing loans and credit car accounts effectively.

Investment and Insurance Services:  Allowing users to manage their investment portfolios and  insurance policies through mobile banking applications.

Importance in Finance:  

Mobile banking enhances the speed, convenience, and accessibility of banking services, making financial transactions more efficient.

It reduces reliance on cash and physical bank branches, thereby promoting digital financial  inclusion and accessibility to banking services.

Impact on Goods and Business:

Businesses benefit from expedited payment processing, simplified account management, and diminished risks associated with cash handling. Additionally, mobile banking supports the  expansion of e-commerce and online marketplaces, facilitating smoother transactions.