Mobile Banking

Meaning:

Mobile banking refers to banking services that can be performed through a mobile phone using apps or SMS. It allows individuals to check account balances, transfer funds, pay bills, invest, open accounts, and access customer support without needing to visit a bank

branch.

Types of Mobile Banking Services:

UPI Transfers: Sending and receiving money instantly using the UPI system.

Balance Check: Monitoring your account balance through your mobile device.

Online Payments: Making payments for goods and services online.

Loan and Card Management: Keeping track of loans and credit cards using mobile apps.

Investment and Insurance Services: Managing investments and insurance policies via mobile

banking.

Importance in Finance:  

Mobile banking enhances speed, convenience, and accessibility for users.

It reduces reliance on cash and physical bank branches, promoting digital financial inclusion.

Impact on Goods and Business:

Businesses benefit from faster payments, easier account management, and reduced risks related to cash handling. It also supports e-commerce and online marketplaces.