1. Summary
  2. The Importance of Mobile Banking
  3. Types of Mobile Banking Services
    1. Mobile Banking over SMS (also known as SMS Banking)
    1. Mobile Banking over Wireless Application Protocol (WAP)
    1. Mobile Banking over Unstructured Supplementary Service Data (USSD)


Mobile banking refers to the utilization of a mobile device to hold out money transactions. The service is provided by some money establishments, particularly banks. Mobile banking allows purchasers and users to hold out varied transactions, which can vary looking on the establishment. Nowadays, most banks lately give mobile banking services to their customers. Let’s see them below

The Importance of Mobile Banking

Mobile banking permits customers to be able to access banking services from any place. B2B, house owners are primarily able to save time by use of mobile applications payment method and may receive funds from purchasers through phone numbers. It’s notably common among little to medium-sized enterprises (SMEs).

With mobile technology, banks can abate on operational prices whereas still maintaining shopper satisfaction. The very fact that any shopper of a bank will build use of their app to request a service, like a gap AN account or maybe the power to schedule debit orders or alternative payments from AN application, permits for larger transactional volumes, eventually driving business growth.

Types of Mobile Banking Services

  • Mobile Banking over SMS (also referred to as SMS Banking)
  • Mobile Banking over Wireless Application Protocol (WAP)
  • Mobile Banking over Unstructured Supplementary Service knowledge (USSD)

Mobile Banking over SMS

Most banks supply mobile banking services over SMS. Customers got to check-in for this service, referred to as SMS Banking, by registering their mobile range with the bank. Then, they will send SMS to the bank to inquire concerning their account balance, receive a mini statement, and even transfer restricted amounts of funds. Once causation the SMS, you will receive AN SMS from the bank containing the knowledge requested by the client. So, in SMS banking, there’s no want for the purchasers to own a smartphone or web access to avail of this service. There’s a particular SMS format for every service in each bank, and you need to follow those to induce the specified info. Ensure that you simply causation the SMS with the registered mobile range, else you can not avail this service.

Mobile Banking over WAP

In straightforward terms, it refers to Mobile Banking through an application. Customers will merely transfer the mobile application of an involved bank on their smartphones and luxuriate in all the services provided by the bank. To use mobile banking, you need to register individually and receive the login credentials. You’ll get these login credentials by applying for mobile banking at the bank, through SMS, or web banking. Banks, these days, supply mobile applications to customers to form banking services straightforward. Here’s the list of the main mobile banking services:

  1. Balance Inquiry: It’s one in every of the most functions to transfer the mobile app. within the starting, customers accustomed visit banks to inquire concerning their account balance, that was quite a wearisome method.
  2. Account Access: You’ll merely access your account by downloading the bank application on your smartphone. All you wish for accessing your account could be a user ID and identification. You’ll log in exploitation these credentials so use the services you wish.
  3. E-Passbook: There’s no want for you to go to a bank or ATM for AN account statement/balance inquiry. Several banks supply a separate e-passbook app that customers will transfer to see previous transactions and also the latest account balance, whereas others will simply have this service as a neighborhood of the most mobile banking.
  4. Account Statement: Simple to see your statement in your mobile application instantly. Also, you’ll transfer and save your statement in PDF format on your phone.
  5. Funds Transfer: Most customers use web banking and mobile banking for transferring funds. This service has created the lives of individuals easier. Intra-bank transfers are sometimes free, however inter-bank transfers typically have nominal charges. You’ll transfer funds exploitation IMPS, NEFT, or RTGS simply through your mobile app.
  6. Bill Payment: You’ve got the power of paying your monthly mobile bills, Mastercard payments, and utility bills by merely sitting at your home at the side of the choice for schedule payments on a particular day of the month
  7. Branch locater & ATM locater: Most of the banks have ‘Branch Locator,’ to assist customers to realize the closest branch even have ‘ATM Locators’ to search out out the address and actual location of the ATM in your neighborhood.
  8. Requests: there’s no got to visit the bank to request for a new/duplicate identification, checkbook, Mastercard, etc. additionally supply the service to dam a debit/credit card within the case of loss or larceny.

Mobile Banking over Unstructured Supplementary Service knowledge (USSD)

Unstructured Supplementary Service knowledge (USSD) service is provided by the banks to those folks that don’t have a smartphone or access to the net. The purchasers will use the USSD codes provided by the banks to use banking services. Customers are alleged to dial a prefix code and click-on ‘send’ so they receive a menu containing the banking services like balance inquiry, mini statement, etc. which will be availed exploitation their phone. This service is currently in rural area wherever most individuals have neither smartphones nor access to the net.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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