The advent of technology has enabled the speedy and accurate functioning of services throughout all sectors. Mobile internet banking has been introduced as a part of digital banking wherein registered customers can access all banking products and services from their mobile phone. Let us learn more about mobile banking and its perks.
What is Mobile Internet Banking?
Mobile Internet Banking is a digital banking service provided to account holders by a bank or any financial institution to carry out financial transactions remotely using a smartphone or a tablet. A dedicated mobile app is furnished by respective banks which should be used to access mobile banking. For instance, ICICI has iMobile App, HDFC has HDFC MobileBanking App, etc. This service is available 24×7 for registered users.
- One needs to register for mobile internet banking at his/her bank or any financial institution to use mobile banking
- A smartphone or a tablet
- Good internet connection
Customers can avail account balance check, bill payments, fund transfer, profile update, etc, services via mobile banking apps.
Related Article: What are the different types of Mobile Banking?
What are the services available under Mobile Banking?
Given below are some of the favourite banking services available on mobile banking:
Mobile Internet Banking Services
|Account Balance Enquiry||Mini Statement & Account History||Utility Bill payments||Instant Fund Transfers between Linked Accounts|
|Starting and Monitoring Term Deposits||Access to Debit/Credit Card Statements||Instant Investments in Mutual Funds||Online Shopping|
|Setting Alerts and Notifications||Access to Loan Statements||Portfolio Management Services||Issuance of Cheque Book|
|Manage/Change Account Details||Set-up/Cancel Automatic Payments||Book Online Tickets||Invest and Conduct Trade|
Benefits of using Mobile Internet Banking
- Mobile banking is available 24×7 for registered customers. It can be accessed anywhere at any time
- Mobile banking applications allow users to customize their app according to their preferences to ensure easy access to frequently used services
- Users can access their account history, outstanding balances, etc. with a few clicks
- Besides money transfer and other banking services, Mobile internet banking also provides facilities to start term deposit, invest in mutual funds, IPOs, and manage Demat account
- Users can conveniently make utility bill payments, recharge mobile phone, prepaid mobile bill payments, and DTH recharge using the mobile banking app. Making bill payments via mobile banking apps can also get you exciting cashback
- Mobile banking apps allow users to track all their financial transactions such as income, expenses, and savings, properly categorized
- Mobile internet banking is the most convenient and easy way to shop across platforms. You can link your debit/credit card to any shopping app and make payments instantly
- It also allows you to set alerts for recurring bill payments and recharges
How to register for mobile banking?
Step 1: Download the particular mobile internet banking app regulated by your bank from Google Playstore or Apple App store
Step 3: Now, you need to set an MPIN which is your secret password to access the mobile banking app. This has to be entered every time you login into the app
Step 4: After logging in, you can use your net banking user ID and password to access your mobile internet banking account
To register by visiting the bank-
In some banks, the account holders are required to register for mobile banking by filling up a registration form and submitting the same along with other required documents at the bank. On the other hand, some banks allow the customers to use SMS or phone banking to register for mobile internet banking
To register via ATM cum debit card, you can-
Step 1: Visit the nearest ATM of your bank
Step 2: Select the ‘Mobile Registration’ option on the ATM screen
Step 3: Click on the ‘Mobile Banking Registration’ option
Step 4: Enter your registered mobile number to verify and proceed to register
How to transfer funds via mobile internet banking?
To transfer funds via a Mobile Banking application, follow the given steps-
Step 1: Install and Set-up the mobile banking app furnished by your bank
Step 2: Link your bank account to the app
Step 3: You can either send money to a bank account or a person directly.
- To send money to an account, you have to add beneficiary by entering the receiver’s account number and IFSC code
- To send money to a particular person, you have to enter the mobile number of the beneficiary and his/her MMID
Step 4: Enter the amount which you wish to transfer
Step 5: Enter your transaction password and then click the ‘Confirm’ button. An OTP will be sent to your registered mobile number. Enter the OTP to authenticate the transfer
Difference between Mobile and Internet Banking
Mobile banking and internet banking are closely related to each other, but some definite points distinguish between the two. Many of the activities performed through mobile banking are similar to online banking.
- The basic difference between the two is that Mobile banking is done using a smartphone or a tablet, whereas online banking uses a desktop or a laptop
- A customer is required to download the particular application of a bank to use the mobile banking facilities whereas, for online banking, the customer requires to open the particular website of the bank
- It is also worth noting that a person can use online banking on the smartphone as well
Here are some key differences between mobile and internet banking-
- Internet banking- Internet banking allows customers to perform financial transactions electronically with the use of a laptop or computer with the internet.
- Mobile banking- Mobile banking is an extension of internet banking in which banking services are accessed by users with a mobile phone or tablet.
Mode of usage
- Internet banking- It uses the bank’s official website for net banking transactions
- Mobile banking- It uses short message services (SMS), mobile application or internet
- Internet banking- Computer or laptop
- Mobile banking- Mobile phone or tablets
- Internet banking- Net banking or internet banking provides all the services available at a bank branch. It also covers some services such as utility bill payments, which are available on mobile banking and some additional services too.
- Mobile banking- Mobile banking provides access to limited services. As compared to net banking, it does not provide many services for the users.
- Internet banking- Funds can be transferred using internet banking via NEFT or RTGS
- Mobile banking- Funds can be transferred using mobile banking via IMPS, RTGS, or NEFT
Different Mobile Internet Banking Applications
- State Bank Anywhere: This is the mobile banking app that can be used anywhere by the State Bank of India account holders. It can be downloaded from Play Store for free. To start using this app, the customer has to enter the account number after downloading the app. This app supports intra-bank, inter-bank and secured fund transfers. The customers can use the voice-assisted transactions to know the account balance, to obtain mini-statement or recharge mobile. This app can also be used to pay bills.
- Punjab National Bank: The account holders of Punjab National Bank can use the PNB mobile banking app for their convenience. The customers can check the validity of their ATM. The customers can also analyze their transaction history and even check their account balance. The process is secured and also funds can be transferred to other accounts.
- IDBI Go Mobile: The IDBI mobile banking application ensures quick and swift banking operations. The app can perform various tasks apart from transferring funds and tracking account history. The app checks account transactions. The app can also be used for online shopping and credit card bill payments. The app can be downloaded from Play Store for free.
- Vijaya Bank: Vijaya Bank has the Vijaya Bank mobile banking application for its customers which can be downloaded for free from the Play Store by Android users. The app allows its users to carry various banking operations like NEFT and IMPS, payment of bills and even ticket booking. The customers can transfer funds online, receive as much as 9 mini-transaction statements and balance inquiry.
- Bank of India: The Bank of India mobile banking application can be downloaded for free from the Play Store by the account holders using android phones. It helps the customers to perform various operations anywhere. The application makes transactions easier for customers.
- Allahabad Bank App: The Allahabad bank mobile banking app is a useful application for its customers. The app has attractive UI and simple functionality which helps in easy transactions. A customer can view as much as 7 mini-statements. Also, the users can make payments, recharge their mobile numbers with the help of this mobile banking app.
Related Article: Top 10 Mobile Banking Apps in India
Frequently Asked Questions
Q. How do I register for mobile banking?
To register for mobile banking, you can fill the application form and submit the same at the bank branch. Or, you can download the respective mobile banking application from your app store, set-up MPIN, and log in using your net banking user ID and password.
Q. How do I download a mobile banking app?
Each bank has a different mobile banking app. You can download your bank’s app via Apple App Store or Google Play Store.
Q. Can I change my MPIN?
Yes, once you have logged in to your mobile banking app, you can change your MPIN from the ‘Change MPIN’ section.
Q. Do I need to register with a particular service provider to use mobile banking?
No, you don’t need to register with particular service providers to access mobile banking. It is accessible through presently available Service Providers.
Q. Which is the best mobile banking application?
Different banks have furnished different mobile banking applications. The iMobile app from ICICI bank is quite popular when it comes to mobile banking.