What is mobile banking? As the name suggests, mobile banking enables you to carry out banking transactions on your mobile device, be it a smartphone or a tablet. All you need to do is enable banking transactions is access the Internet.
Mobile banking in India has spread across all demographics. According to one survey, 31% of Indian households stated they used mobile banking apps on their smartphones as of 2020. As per data from CEIC, the volume of mobile banking transactions reached a record number of 9,761.171 million as of August 2023. These numbers show the increasing adoption of mobile banking in the country.
Mobile banking, meaning the ability to complete banking transactions on your mobile without visiting a bank in person, allows you quick and easy access to information and services. Some of the things you can do include the following:
Also Read: How to get bank statement online
Apart from these obvious uses of mobile banking services, you can also rely on it to purchase related financial products such as insurance policies or invest in mutual funds and more. With the acceptance of mobile banking growing every day, let’s understand what makes mobile banking in India a success.
Apart from ease of use, there are inherent advantages to banking on your phone. Take a look at the benefits below.
You can access the following types of mobile banking services:
Easy to use without the need for an internet connection, this SMS-based banking service is helpful for those who are located in places with poor internet connectivity and for those who are not using smartphones too.
For those who are using a smart device such as a phone or tablet with good internet connectivity, this service is ideal. The banking service is provided through a dedicated banking application, which can be downloaded from the Google Play Store or the Apple App Store.
USSD or Unstructured Supplementary Service Data is a method that mobile phones use for communication. Though this type of mobile banking has limited usage, you can use it to check your account balance, generate a mini statement and transfer funds.
Missed call services are also a type of mobile banking where you can get your account balance and other information. Apart from that, UPI apps and WhatsApp banking services fall under mobile banking facilities, allowing you to make transfers and get data at your fingertips.
Mobile banking simplifies banking for everyone. It is time-saving, easy and secure. With so much to do in your day, mobile banking helps to take one thing off the list as you now carry your bank in your pocket.
As you explore the ease of mobile banking, Fibe works to simplify credit. To get access to an instant Personal Loan, simply download the Fibe Instant Loan app or register on the website to get up to ₹ 5 lakhs hassle-free.
UPI, or Unified Payment Interface, is an easy mobile payment method that allows you to transfer funds from one bank account to another. It facilitates mobile banking, is available free of charge and is fast and secure.
Google Pay is a mobile payments app that you can use to receive or send money, pay utility bills or check your bank account balance. It is a third-party app authorized by the National Payments Corporation of India that facilitates UPI and allows you to benefit from mobile banking.
