Today, digital is the new buzzword and more and more people are assembling under its umbrella. The Digital India campaign and demonetization have given the objective of an online banking system and a cashless India the much-needed push and the people of the country have also embraced the same with open arms.
Financial services are one of the most important aspects in people's lives and they would obviously opt for a system which lets them fulfill their banking needs at their disposal. Today's digital users want banking services to be fast. And mobile banking does just that. No wonder mobile banking is on the rise in India. Here are the reasons why mobile banking in India is on an upward growth curve.
Convenience
This is the factor that has to top the list of benefits. Earlier, we had no option but to physically visit the bank to make a mere fund transfer. Now, by virtue of mobile banking, we can do so much more wherever and whenever we wish to. We do not have to disrupt our busy schedules anymore by going to a bank. Be it loan repayment, credit card bill payment or mutual fund debits, you just need your unique ID and password to access your account and make transactions whenever needed. Also, unlike banks, mobile banking services are available round the clock. All you need is your bank's app on your smartphone and an internet connection in order to make a transaction. You can pay your DTH bill or recharge your phone while being on the move. Thus, it is of no surprise that mobile banking in India grew at a rate of 122% going from 2016 to 2017.
High Mobile Phone penetration
India is the second largest smartphone market in the world where mobile phone penetration is set to reach an all-time high of 85-90% within the next two years. With smartphones in the hands of most Indians, they are ready to make use of the numerous benefits that mobile banking provides.
Government and Corporate Impetus
The rise of mobile banking in India has to be attributed to the numerous initiatives and schemes promoted by the Government of India. The government came up with incentives for those using cashless payment modes and also organized Digi Dhan Vyapar Yojanas and Digi Dhan Melas to bring both consumers and traders within the purview of mobile banking. All e-retailers provide cashbacks and discount coupons to those who use mobile banking to make payment. Internet connectivity was a concern when it came to mobile banking. But that's not the case anymore. With the help of the government-owned BSNL and private companies like Bharti Airtel and Reliance, India has a total broadband network of more than 2,05, 404 kilometres that cover most semi-urban and some rural areas as well.
Financial services are one of the most important aspects in people's lives and they would obviously opt for a system which lets them fulfill their banking needs at their disposal. Today's digital users want banking services to be fast. And mobile banking does just that. No wonder mobile banking is on the rise in India. Here are the reasons why mobile banking in India is on an upward growth curve.
Convenience
This is the factor that has to top the list of benefits. Earlier, we had no option but to physically visit the bank to make a mere fund transfer. Now, by virtue of mobile banking, we can do so much more wherever and whenever we wish to. We do not have to disrupt our busy schedules anymore by going to a bank. Be it loan repayment, credit card bill payment or mutual fund debits, you just need your unique ID and password to access your account and make transactions whenever needed. Also, unlike banks, mobile banking services are available round the clock. All you need is your bank's app on your smartphone and an internet connection in order to make a transaction. You can pay your DTH bill or recharge your phone while being on the move. Thus, it is of no surprise that mobile banking in India grew at a rate of 122% going from 2016 to 2017.
High Mobile Phone penetration
India is the second largest smartphone market in the world where mobile phone penetration is set to reach an all-time high of 85-90% within the next two years. With smartphones in the hands of most Indians, they are ready to make use of the numerous benefits that mobile banking provides.
Government and Corporate Impetus
The rise of mobile banking in India has to be attributed to the numerous initiatives and schemes promoted by the Government of India. The government came up with incentives for those using cashless payment modes and also organized Digi Dhan Vyapar Yojanas and Digi Dhan Melas to bring both consumers and traders within the purview of mobile banking. All e-retailers provide cashbacks and discount coupons to those who use mobile banking to make payment. Internet connectivity was a concern when it came to mobile banking. But that's not the case anymore. With the help of the government-owned BSNL and private companies like Bharti Airtel and Reliance, India has a total broadband network of more than 2,05, 404 kilometres that cover most semi-urban and some rural areas as well.
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