A few years ago, only the offline banking system was available when people visited banks to deposit or withdraw money. Then the banking system became advanced with innovative technology when we used to perform transactions using internet banking services. And today, the technology has become so advanced, that we can access banking services on our mobile phones and make a UPI payment to anyone, anytime.
Today we all are aware about various mobile banking services available. Mobile banking services have made it easy, convenient, and fast to transfer or receive funds from others. Various people are using mobile banking services today. But still, a lot of people prefer not to use these services, due to lack of adequate knowledge about these services.
Therefore, before you start using mobile banking services, you should know everything about it to overcome the difficulties you can face while using them.
What is mobile banking? Mobile banking is an advanced banking service using which we can make financial transactions over our mobile phones. Banks and financial institutions provide these services to the customers to perform banking transactions remotely. Mobile banking is a UPI payment app that banks and financial institutions provide. Today, various best and most popular banks provide mobile banking apps to their customers.
How many types of mobile banking are there? So, there are three types of mobile banking services provided by banks and financial institutions, which are as follows:
Mobile banking with mobile apps-
The banks and financial institutions create their own app to provide banking services to their customers over their mobile phones. You can transfer money through UPI to another bank account from the comfort of your home by making a few clicks on your phone’s screen without visiting a bank or any other financial institutions.
Mobile banking with SMS –
Mobile banking over SMS (short message service), also known as SMS banking. SMS banking services provide banking and transaction-related information through SMS to the customers. These mobile banking services are used by banks or financial institutions to send messages or notifications to their customers. You can get to know about your account balance, transaction history, and monthly statement via SMS banking. With these services, you can also make payments for paying your bills, loan EMI, etc. You can use SMS banking in the absence of internet services. You can transfer the funds to other bank accounts easily with SMS banking.
Mobile banking with USSD –
Mobile banking over USSD (Unstructured Supplementary Service Data) allows customers to access mobile banking services, perform banking transactions using a specific code, bank name, etc. USSD mobile banking is similar to SMS banking, but you have to start by dialing a code on your dial pad. Internet availability or mobile banking apps are not required to perform mobile banking over USSD. However, you need to follow some easy and quick steps to transfer money using USSD mobile banking.
So, these are three major types of mobile banking services anyone can use to transfer or receive money, check account balance or history, generate monthly bank statements, etc.