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Types Of Mobile Banking

With an estimated 207 million smartphone users in India today, more and more people today are using their phones for banking as well. Now, you can check your account status, make payments, pay your utility bills and transfer funds between accounts using just your smartphone. However, that is not all. Apart from using a bank’s mobile application, you also have SMS alerts and USSD services where the need of a smartphone is not necessary. So to enlist it, the types of Mobile Banking available are: –

  • Mobile banking over Wireless Application Protocol (WAP)
  • Mobile banking over SMS/ text alerts
  • Mobile banking over Unstructured Supplementary Service Data (USSD)

Mobile Banking over WAP

Mobile banking over Wireless Application Protocol is a service which allows you to access your bank account details and transact over the internet through a mobile banking application. At present, you can access Mobile Banking using either mobile data services (2G, 3G or even 4G in certain regions) or Wi-Fi.  Mobile banking applications are optimized for iOS, Android and Blackberry phones. With Windows phone also growing, banks are now working on making the application available for those users as well. You can also use the Mobile Banking application on java/ non-java handsets via GPRS connection. You can download the Mobile banking application, which is free on your mobile phones, via your bank’s website.

The Mobile Banking application emulates a majority of banking services provided by the bank on your phones and gives you the freedom to carry out most of your banking activities. The services available via Mobile Banking app:

  • Access your bank accounts and related services anytime you want.
  • All enquiry services such as account statements/ mini statements/ loan statements are available to you. You can also choose to download or print these statements.
  • Transfer funds between various bank accounts of the same as well as different banks.
  • Make instant payments as per your wish.
  • Mobile Banking allows you to pay your utility bills such as electricity/water or telephone bills. You can also set these payments on automatic pre-schedules where the payments are automatically disbursed before the due date arrives.
  • Avail value added services which allow you to instantly recharge your mobile/DTH or internet.
  • Choose to view your Credit/Debit card statements.
  • Request for cheque books/ loans/ stop payment orders etc. via Mobile Banking application.
  • Locate the nearest bank branches and ATMs.

Some apps like Axis Mobile by Axis Bank allows you to personalize your Mobile Banking home screens as per your choice. It also lets you customize your beneficiary profiles on your app by adding their photo, etc.

Your Mobile Banking application allows you to enjoy a virtual banking experience at no added cost, though your network service provider may charge you for the internet service usage. All those who have a current or savings account can avail the Mobile Banking services.

Mobile Banking over SMS

With Mobile Banking via SMS services you do not require to download any application. SMS services are available on all phones whether java or non-java, with or without GPRS connectivity as Mobile Banking via SMS works like any other SMS service. To get updates on your account you are required to send a text message to a specified number and receive instant replies as per your request.

To register for Mobile Banking via SMS, you need to put a request for the service at your bank or register your mobile number at your bank’s ATM. Once you are registered, you will receive instant alerts via SMS on your mobile devices.

The facilities available in Mobile Banking via SMS include:

  • Enquiry services such as account summary/ balance enquiry or mini statements.
  • Instant SMS alerts on every activity related to your account.

The service may or may not be free of cost depending upon the respective bank policies. Some banks charge a small quarterly fee for instant alerts. However, your phone network provider will charge normal SMS rates for each request.

Mobile Banking over USSD

Considering that a majority of mobile users in rural India do not have the same access to banking facilities as their counterparts in urbanized pockets, a convenient form of Mobile Banking based on unstructured supplementary service data (USSD) was introduced targeting the rural areas. The services of Mobile Banking via USSD can be enjoyed by any individual with any mobile phone, with or without a GPRS connection.

Mobile Banking over USSD unlike SMS service is based on real time interaction between a customer and the bank. To get instant alerts, you are required to dial a pre-fixed code on your mobile phone and hit the ‘Call’ button. An instant menu pops up on the screen and you can choose the next step.

The service is however available with only a select number of service providers. Get in touch with your bank for more information on the service availability.

With Mobile Banking via USSD you can enjoy the following services:

  • Enquiry services which includes account statements/ mini statements/ Credit card statements etc. You can access your balance details and previous transaction details.
  • Request services where you are allowed to request for cheque books, loans, stop payments.
  • Enjoy IMPS (Immediate Payment Service) Funds transfer between accounts via Mobile Banking.
  • Mobile Banking via USSD also supports value added services such as instant mobile top ups and DTH recharges as well.
  • Use Mobile Banking to locate bank branches and ATMs around you.
  • The service is session based thus requires the requestor to respond instantly or the session may expire.

All account holders can enjoy Mobile Banking via USSD services. Though the service is free of charge from the bank, other charges by the mobile network provider may be applicable.

There are no limits on how you should use different types of Mobile Banking services so why wait? Sit back, relax and choose to do all your banking right from home, on the move or from anywhere else.

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