Don’t Believe Mobile Banking

Mobile banking is a service provided by a bank or other financial institution that enables its customers to perform financial transactions remotely using a mobile device such as a smartphone or tablet. It makes use of software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have limitations on which accounts may be reached through mobile banking, as well as a limit on the amount that can be transacted. Transactions through mobile banking may involve getting account balances and lists of latest transactions, electronic bill payments, and funds transfers between a customer's or another's accounts. it's refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM.

Mobile Banking Works:

mobile providers in the U.S. through one of three ways: SMS messaging; mobile web; or applications developed for iPhone, Android or Blackberry devices .Mobile text and alert is the simplest, allowing the user to transfer funds or access account information via text message. Texting terminology varies from bank to bank, but the overall function is generally the same. Mobile web is the second mobile banking option. Similar to online account access from a home-based computer, this option allows for checking balances, bill payment and account transfers simply by logging into the user's account via a mobile web browser.

Mobile Banking is Free and The service provided by bank is free of charge, there is no limit for number of times  can entry your account. Different banking services provided involve Account Balance Inquiry , Credit/Debit Alerts, Bill Payment Alerts, Transaction History, Fund Transfer Facilities, Minimum Balance Alerts etc. can be accessed from your mobile. Time saving is the  Rather  of  assigning  time  to walk  into  a  bank, can  check  account balances,  schedule  and  receive  payments, transfer  money  and  organize accounts when  on the go Practical   The   capability   to   accessibility   bank accounts,  create  payments, and even  track investments. Usually, good mobile banking apps have a security ensure or send you a SMS  verification  code require  to  input  to authorize   a   payment   for   included security. Mobile  banking  is  mentioned  to  be  even  more protected than online/internet banking. can check  account balance, review recent  transaction,  transfer  funds,  pay  bills, locate   ATMs,   deposit   cheques,   manage investments, etc. Mobile banking is available round the clock 24/7/365,  it  is  easy  and  practical  and  an suitable  choice  for  obtaining  economical  services for  will not  mobile  phone  managers  in  the  rural areas. Mobile banking is said to be even more secure than online/internet banking.

 Dis advantage of Mobile Banking:

Mobile banking users are at risk of receiving fake SMS messages and scams. The loss of a person’s mobile device frequently indicates that scammers will obtain  accessibility to  mobile banking PIN and other sensitive information. Modern mobile devices like Smartphone and tablets are better suitable for mobile banking than old models of mobile phones and devices. Regular users of mobile banking over time can acquire important expenses from their banks. Mobile Banking is not accessible on all mobile phone. Some time it involves to install apps on phone to use the Mobile Banking function which is available on high end smartphone. If  don't have a smartphone than the use of Mobile Banking becomes restricted. Deal like exchange of funds are only available on high end phones. Mobile phones are limited in processing speeds, screen size and battery life. This act as a barrier in  Mobile Banking.

Conclusion:

Mobile banking   is   also   a   big   mobile   telecommunication platform  of  new  technology,  which  encourages  the banking   functions   in   India.   Mobile   banking   also helps  the  banks  to  improve  their  customers. Today, everybody   has  a   mobile  phone  in  his  hands.it always comfort and ease will come with some risk. You need to be careful on the mobile as well, though it brings lesser risk.
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Don’t use Pay tm

Pay tm is an Indian electronic payment and e commerce company based out of Delhi NCR, India. Launched in August 2010, it is the consumer brand of parent One97 Communications. The name is an acronym for "Pay Through Mobile." The company employs over 13,000 employees as of January 2017 and has 3 million offline merchants across India. It also operates the Pay tm payment gateway and the Pay tm Wallet. according to Vijay Shekhar Sharma, founder of Pay tm.

Involving the transactions  can create on Pay tm are recharges for mobile phones, metro cards, DTH cable, data cards, etc., as well as postpaid payments for mobile phones, landline/ broadband, electricity, water and gas bills, etc.  can also book tickets for buses, trains, flights, movies, hotel rooms, etc. and pay for Uber cab rides using the platform. In addition, can buy goods on the company’s e-commerce platform using the wallet, and even make offline payments at over 8 lakh merchants, Pay tm claims.

Why Pay tm Wallet??

Pay tm Wallet, as described above, is the digital payment tool where  can transfer money from  bank account or credit card to use for transactions on the platform. need to set up an account using  mobile phone number and email ID to setup a Pay tm account and transfer cash to the wallet.  can add up to Rs. 10,000 in a month in the Wallet.

Mobile payment/Mobile wallet:

Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. A mobile wallet in easy terms is a system of creating payments. It is just a method of paying. The difference between online payment services and mobile wallet is that  can use this wallet to make payments in a physical store too! It’s just like you swiping  card in a store or giving cash to pay.

It’s like a one click pay with no want to fill in card numbers and passwords every time. One can link their credit cards, debit cards and bank accounts and pay immediately with no hassle to enter the details each time. There will be no need of physical wallet like we do in the case of cash or cards. Also mobile wallets are upgrading to allow  to store documents digitally like  Driving License, Aadhar Card, Pan Card, etc. There will no issue of asking or searching for change which we have while handling cash. It will be possible to make instant payments. Just like we can exchange cash at any moment, we can exchange and transfer money anytime.

Uses of Pay tm   and Pay tm Wallet:

Ø  Set up a Pay tm account using mobile number and email ID.

Ø  Add some money to  Pay tm Wallet using net banking, debit card, or credit card.

Ø  To transfer money to someone else, select the 'Pay or Send' option.

Ø   can make payments to others or to bank accounts on Pay tm by scanning a QR code.

Ø  Alternatively, can send money to another Pay tm user via their phone number.

Pay tm for offline:-

can create cash-less payments using Pay tm Wallet even without internet connectivity. If a shop accepts Pay tm as a mode of payment, can either use QR codes or bar codes, along with a One-Time Password (OTP) to pay them. To do this, need to open the app, select the ‘Pay or Send’ option, and choose between QR code or bar codes. Just scan the code and enter the OTP to authorize the payment offline.

Negative  Points of Pay tm:-

Ø  Customer support is not up the level

Ø  need to have high speed mobile internet connection to transfer money

Ø  will transferred money from pay tm wallet to bank account may charge you 1% -4%.

So All of  use Pay tm Wallet. Pay tm wallet money can be transfer in Home, Hotels, Petrol bulks, Journey times, etc. Now lets make the India with cashless India.

Don’t forget to tell friends too.

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