It was felt comfortable when we had banking facilities to transfer or send money to your relatives, friends or on business. Now, it is getting more comfortable through mobile banking to sit comfortable at home and can transfer money to any concerned person in less than half a second from your cell phone.
Mobile Banking Made Easy
Since the generation has reached an era where irrespective of poor, rich, educated or uneducated everyone has a mobile with them for sure – you can send and or receive money from and to anywhere in India in less than a second. This system eliminates your unnecessary time spent on going to bank and standing queues.
The worst part is that our people haven’t learned much about this easy and handy system to transfer money and they are still standing in queues and wasting their efficient time, just because most of us are unaware of how to use this advancement or a few of us still feeling it is too technical to handle all these which is not true.
The money transferring service – sending or receiving money is called as mobile payment or m.payment. Transferring money through mobile is much faster and safer than getting or receiving money by hard cash, cheque or through net banking. Though banks are facilitating this mobile payment service to send and receive money for us, however the functionality happens only through National Payments Corporation of India (NPC).
As per the recent statistics, people who use internet in India is about 3 crore people whereas, people who use mobile are about 90 crores in number. Irrespective of cities or villages the mobile phones have reached everyone without any differences. Making use of this widely accepted and affordable network among the people, banks have decided to introduce this service for money transfers.
The effort of money transfers, withdrawal and other transactions have reduced the operational burden of banks by deploying ATM services across the country. However, the rental amount for the ATM occupancies, security guards, air-conditioning charges etc. are incurring additional expenses of the banks. Now all these expenses will be reduced a lot due to mobile banking services.
Till recently, banking customers were using mobile phones only to view mini-statement and balance amount. Now, mobile phones are use more for money transaction. Earlier the facility to send and receive money service was provided only on smartphones which is costlier comparing to a normal mobile and not every mobile user can afford to buy smartphones. So, earlier mobile payment was used only by a few people for money transfers.
Then came the money transfer through SMS. Here, a secret number will be sent to the customer by the bank and in turn you’ll have to provide the secret code to the bank for them to transfer the money on your behalf. However, there are lots of possibilities for others to know your password, also this service can be used only during banking hours. Further, it had limitations of sending and receiving money only to the branches of the same bank but not across to all banks.
Through Interbank Mobile Payment System, you can send and receive money to any bank and to any branch. Till December 2011, RBI had laid restriction up to Rs. 5000 to be sent or received through mobile banking but now RBI has asked the banks to decide on the limitations. So the amount of money to be transferred differs from bank to bank. Now, wherever you are, to whomever you want to transfer money – you can do it. In simplifying this service much easier, you just need to have the mobile number and IFS code to make money transfer which is also getting implemented. This mobile banking service has been provided by 43 banks for now. Other than private banks, government banks like, Indian Bank, Indian Overseas Bank, Bharath State Bank, Canara Bank included many such banks provide this facility. Not just bigger banks but even medium sized banks are also providing this service.
Whether it is a holiday, working day or non-working day, or festive season – never worry about transferring money as the mobile banking is always with you. To activate this facility, you will have fill in the respective for at your bank. Using this, not just money transaction but can also can perform banking tasks like, stop payment for your cheque, retrieve new ATM PIN number if it is lost, etc from your mobile itself.
As of now in India, about 10 lakh transactions are being made in a day. This number will increase soon as everyone feels comfortable with mobile banking. Enjoy the technology by knowing it and now one can avail all the services at your palm through mobile phones.