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How Is Mobile Banking Making Transactions Moneyless?

By Expert Author: Neha Sharma

In today’s time, every individual is a holder of a mobile phone or a smart phone. Various banks and financial institutes are taking advantage of this situation and creating mobile banking apps that can facilitate mobile banking, through the medium of the internet. In this article, we give you information how mobile banking is making financial transaction moneyless.

Direct account to account facilities

Many banks are already offering phone banking and internet banking services where you can transfer funds directly from one account to another with just click of a button. All you need to do is to link these facilities to your mobile number with the bank account and you can undertake all the banking facilities that are normally done at a bank, through the convenience of your phone. Therefore, if you are in a situation where you need to immediately transfer funds to another account, all you have to do is log onto your banking account via a mobile banking app and send the request using a specific code prescribed by the bank to ensure that the request will be completed. It is just as predictable and dependable as phone banking or internet banking.

Secure transactions

With mobile banking options, any transactions done through the internet are secure. We all know that internet banking and phone banking are secure. Most banks and financial institutes offer the same high standard security of internet banking to these apps. It requires a secure login with passwords that are given to you when you register with the bank for these mobile banking services. Each banking transaction that takes place is sent as an update or an alert via a SMS or an app alert on your phone, thus reducing the possibility of fraud or criminal activity. With this banking service, there will be no need for you to go to the bank and undertake banking transactions for the fear of any fraud or theft of funds.

24 hours access

The mobile networking service and internet service is accessible 24 hours a day. If there is a need to deposit or transfer any service during any hour of the day or night, you can just log into the mobile banking application and transfer the funds or send a message through this banking service and get the money deposited. These facilities are not restricted to time limitations and therefore can be undertaken at any time when time when you need it. These facilitates are useful in the event of an emergency at an odd time.

More and more bank account holders are beginning to use the mobile banking services for an easy and fast convenience of financial transactions. With internet banking, phone banking and mobile banking services, you can undertake any banking transactions without using money directly.

Author Bio :- Neha Sharma, a finance student, loves writing about mobile banking and more. She is delighted to share her knowledge about Internet Banking, mobile banking and Phone Banking to the non-techno-savvy people who want to perform their daily banking transactions more easily.

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