FIVE REASONS WHY DIGITAL PAYMENT APPLICATIONS ARE ESSENTIAL

The Indian economy is highly dependent on cash transactions. The government is trying to promote an online payment solution. Post demonitisation, which happened in November 2016, the use of digital payment methods in the country increased. Even Google has predicted that the digital payment in India might hit to USD 500bn mark by 2020. The cashless payment methods will succeed only if the basic infrastructure for implementation is provided to the people. These payment apps are heavily reliant on smartphones and data connection. The availability of these phones with internet connection at affordable costs is required. Availability of Internet is the most crucial factor for digital wallets to work, and huge investment is required by the government to provide connectivity at a reasonable rate.   

Here are the five most important reasons why the digital payment system is essential for us:

1. Convenient
The digital payment applications are very simple to use, and no hard cash is required at the time of payment. The user just needs to have a smartphone with a data connection. The payment could be made by entering the phone number or scanning the QR code of the merchant — no need to carry any physical card or stand in a queue at an ATM.

2. Record Keeping
Digital wallet keeps track of the expenditure. All transactions are recorded. It is very easy for a person to acknowledge their spending. It could also help in filing Income Tax returns as it's easier to track the money spent on goods and services because of the availability of record.

3. Less Risky
Mobile payment apps are less risky. There is a chance that the cash could be stolen or dropped, but the digital payment applications could be accessed from nearly any gadget with an internet connection. The key is to store the login information secure and keep changing the password occasionally.

4. One Stop Payment Solution
Digital payment applications provide a user-friendly interface for the payment of all utility bills. This application enables the user to pay electricity, telephone, gas bills very conveniently. People who use these apps are no longer required to stand in long queues and waste energy and time to make payments.
 
5. Discounts & Coupons
There are many rewards and discounts offered by different digital wallets to promote their interface. They provide cash back and regular users get other coupons and gift vouchers as well. There are chances that the user might get back the amount they paid for goods and services as well.

5 reasons you should use mobile banking apps

Mobile banking is just the use of mobile phone applications for carrying out banking transactions is a feature offered by many financial institutions, where the financial institutions have released an application for their customers where they can conduct all of their financial transactions online through the application without having to visit the branch of the financial institution. A mobile banking app will make the process of banking easy for the customers. Mobile internet banking activities include getting text alerts from the financial institution on the various financial activities done by the customer. To handle the financial activities through a mobile banking app, the customer has to install the application on to their phone and have a good internet connection like a Wi-Fi or a 4G net connection.

Using a money transfer app is one of the most convenient ways of making financial transactions from mobile phones. In today’s digital age, almost everybody has a smartphone using which they can easily conduct their transactions through their mobile phones. The online money transfer app is directly connected to the financial institutions servers and it allows the customer to check their balance, transfer funds open or close accounts, order debit or credit cards. The mobile banking app allows the customer to handle and conduct their transactions from any place without any hassles.

5 reasons you should use mobile banking apps

1. Low costs:
Financial institutions do not need to maintain any physical branches if the customer is going to carry out their transactions over mobile phones. If the number of users who carry out their transactions over the mobile phones increase, then it will reduce infrastructure costs for building more and more physical branches.

2. Document sharing and assistance with other digital banking services:
Mobile internet banking allows the customer to share all of their documents through the application. This will allow the customers and the bank representatives to conduct real-time, document review and real time support with financial institutions app.

3. Efficient utilization of experts:
A financial institution can collect the pool of financial experts and use these experts for providing service to the customers who wish to use mobile internet banking. This means more access to different banking features from anywhere.

4. Increased accessibility to the underserved:
For the customers who live in remote areas and do not have a physical branch of the financial institutions in their locality, they can easily conduct all of their financial transactions through the online money transfer app.

5. Enhanced security:
With the advancement in technology every day, the apps designed for financial institutions have been improved over the years with a lot of detail to security. The inclusion of biometric security features such as fingerprint and face recognition, the mobile money transfer app offers more security and protection to the customers data.

Top 5 apps for mobile banking apps for money transfer

Mobile banking is the act of making financial transactions through a mobile device over the internet. These activities can include such as getting text alerts, usage activity of the bank account, or paying bills online. Mobile banking can be availed for carrying out any type of Banking activities online. In today’s digital age, where almost everybody owns a smartphone the act of carrying out transactions has become easy and convenient for their customers. Mobile internet banking has made it easy for the customers to track all the transactions to make it beneficial for the customer.

One main advantage of using an online money transfer app is that the customers can conduct their transactions from anywhere at any time without any hassles. All the transactions done by the customer through the mobile internet banking option are automatically updated to the customers bank account. If the customer wishes to track their transactions. A customer just needs a mobile phone and a good internet connection for handling transactions. The feature of mobile banking provides a wide range of services to their customers.

5 best apps for mobile internet banking:

1. Axis Bank’s mobile application:
The money transfer app that has been provided for the customers of Axis bank is famous because of the stability of the app. One of the innovative features that is offered by the app is that it will allow the user to schedule the credit card payment for a specific date. The app also offers the feature of converting the credit card payments to the EMIs, block the cards or temporarily deactivate the debit card or set limits on the debit cards.

2. SBI’s anywhere personal application:
SBI bank has a number of mobile banking apps for all sorts of services. The mobile banking app has all sorts of services. The mobile banking app has the mCash feature where the customer can transfer the funds to a mobile number or an email-id.

3. ICICI Bank mobile application:
The mobile app that was made by the ICICI is one of the best high rated mobile internet banking applications in India. The banking app also allows the user to transfer the funds, pay the credit card bills and also the utility bills, open fixed deposits and the recurring deposits and manage life insurance policies.

4. Bank of Baroda’s M-connect plus application:
The M-connect plus app is the upgraded version of the Banks official app for mobile internet banking. This app allows the customer to make card-less cash withdrawals from Bank of Baroda ATMs, they also provide an overall view of the account details.


5. HDFC’s Mobile bank application:
HDFC is one of India’s largest banks and the easy money transfer apps provided by HDFC is packed with a lot of features to make the lives of customers easy and convenient. The HDFC mobile banking app also allows the customer to transfer funds, make credit card payments and pay the utility bills.

5 advantages of using mobile banking

A money transfer app is one of the easiest and convenient ways of making financial transactions using the apps provided by the respective financial institutions. Mobile banking can be defined as the facility that is provided by the banks to their clients. Through Mobile internet banking, the customer can conduct all their financial transactions with their bank from the convenience of their home. In today’s digital age, any individual can take of their financial transactions from their mobile banking apps, all they need is a mobile device and a good internet connection to carry out their transactions. Transactions that place through mobile banking include online payment of bills, locating an ATM, fund transfer, list of latest transactions. An online money transfer app also offers advanced security by sending alerts or notifications on the registered mobile number, on the account’s activity.

An individual can easily track all their transactions online and provide the customers of tracking their transactions through the internet banking apps. Mobile internet banking will not provide a direct access to the ATMs, but they can make provisions for the customer to use the ATMs at different financial institutions and retail stores where they will reimburse the customers for ATM charges. The features of mobile internet banking include getting text alerts on all the financial activities of the customer making it convenient for them. Any individual who wants to use mobile internet banking will need just a device and good internet connection like a Wi-Fi and a 4G network. Internet banking through mobile devices has made banking easy, fast and convenient for their customers.

5 advantages of mobile banking:

1. Available all time from anywhere:
A money transfer app allows the customer to carry out a transaction at any point of the day from anywhere. Since the customer will just need their device with the app and a good internet connection, the customer can carry out the transaction from anywhere.

2. No paperwork required:
While making transactions or doing any type of banking activity from a bank the customer will have to fill out a lot a paper work to handle them. But, with a money transfer app the customer has to just know all the features provided by the app.

3. Super-fast service for customers:
With a good internet connection, all the transactions done by the customer will be done fast making it convenient for the customer.

4. Transactions updated instantaneously:
All of the transactions are updated as soon as they are completed, and the customer will easily be able to check all the transactions done by the customer.

5. Wide range of services:
Mobile internet banking provides their customers a whole range of services to ease their banking activities.

Best mobile banking apps for money transfers

The act of making financial transactions online through mobile devices is known as mobile internet banking. Mobile banking includes a lot of features that are offered by the financial institutions. Through mobile internet banking, a customer can conduct all their financial transactions, paying bills or send money abroad from the comfort of their homes. In today’s digital age mobile banking is a convenient option for the customers. Customers can conduct any activities of the bank from anywhere. Mobile internet banking has made it easy for their customers to make transactions from anywhere. The customer just needs a good device and good internet connection.

The feature of conducting transactions online through a mobile transfer app will provide their customers the option of tracking all their bank statements or transactions through net banking apps. An online money transfer app is fast and allow the transactions to be carried out between accounts with out any hassles, especially if the two accounts are held by the same financial institution. Internet banking allows the customer to provide direct access to the ATMs, but they can also make provisions for the customer to use ATMs at the other banks and the retail stores which will be reimbursed for the ATM charges.

Best mobile banks for money transfers:

1. ICICI Bank Mobile application:
The mobile app by ICICI is one of the best high rated mobile banking applications in India. This banking app allows the user to transfer the funds, pay the credit card bills and pay the utility bills, open fixed deposits and the recurring deposits and manage life insurance policies.

2. Axis Bank’s Axis Mobile application:
The money transfer app provided for the customers of Axis bank is famous because of the stability of the app. One innovative feature offered by this app is that it will allows the user to schedule credit card payments for a specific date. This app also offers the feature of converting their credit card payments to EMIs, block the cards, or temporarily deactivate debit cards or set limits on debit cards.

3. SBI’s anywhere personal application:
SBI Bank has a number of mobile banking apps for all sorts of services. This mobile banking app has the mCash feature which allows the customers to transfer the funds to a mobile number or email-id.

4. Bank of Baroda’s M-connect plus application:
The M-connect plus app is the upgraded version of the Banks official app for mobile internet banking. This app allows the customer to make card-less cash withdrawals from Bank of Baroda ATMs, it also provides an overall view of the account details.

5. HDFC Bank mobile application:
HDFC is one of India’s largest banks and the mobile banking app provided by HDFC is packed with a lot of features to make the lives of customers easy and convenient. The HDFC mobile banking app allows the customers to transfer funds, make credit card payments and also pay utility bills.

Best mobile banking apps for money transfers

The act of making financial transactions online through mobile devices is known as mobile internet banking. Mobile banking includes a lot of features that are offered by the financial institutions. Through mobile internet banking, a customer can conduct all their financial transactions, paying bills or send money abroad from the comfort of their homes. In today’s digital age mobile banking is a convenient option for the customers. Customers can conduct any activities of the bank from anywhere. Mobile internet banking has made it easy for their customers to make transactions from anywhere. The customer just needs a good device and good internet connection.

The feature of conducting transactions online through a mobile transfer app will provide their customers the option of tracking all their bank statements or transactions through net banking apps. An online money transfer app is fast and allow the transactions to be carried out between accounts with out any hassles, especially if the two accounts are held by the same financial institution. Internet banking allows the customer to provide direct access to the ATMs, but they can also make provisions for the customer to use ATMs at the other banks and the retail stores which will be reimbursed for the ATM charges.

Best mobile banks for money transfers:

1. ICICI Bank Mobile application:
The mobile app by ICICI is one of the best high rated mobile banking applications in India. This banking app allows the user to transfer the funds, pay the credit card bills and pay the utility bills, open fixed deposits and the recurring deposits and manage life insurance policies.

2. Axis Bank’s Axis Mobile application:
The money transfer app provided for the customers of Axis bank is famous because of the stability of the app. One innovative feature offered by this app is that it will allows the user to schedule credit card payments for a specific date. This app also offers the feature of converting their credit card payments to EMIs, block the cards, or temporarily deactivate debit cards or set limits on debit cards.

3. SBI’s anywhere personal application:
SBI Bank has a number of mobile banking apps for all sorts of services. This mobile banking app has the mCash feature which allows the customers to transfer the funds to a mobile number or email-id.

4. Bank of Baroda’s M-connect plus application:
The M-connect plus app is the upgraded version of the Banks official app for mobile internet banking. This app allows the customer to make card-less cash withdrawals from Bank of Baroda ATMs, it also provides an overall view of the account details.

5. HDFC Bank mobile application:
HDFC is one of India’s largest banks and the mobile banking app provided by HDFC is packed with a lot of features to make the lives of customers easy and convenient. The HDFC mobile banking app allows the customers to transfer funds, make credit card payments and also pay utility bills.

Benefits of mobile internet banking

Mobile internet banking is a way of conducting financial transactions online through a mobile device. The feature of mobile internet banking includes a lot of activities such as getting an update text from the financial institution on the usage activity or using the app to send funds abroad. Through mobile internet banking a customer can easily bank or make transactions from anywhere at any time. In today’s digital age, where almost everybody owns a smartphone the feature of using apps for mobile internet banking makes the process of making transactions convenient and easy for the customers.

Mobile internet banking also provides their customers the option of tracking all the transactions through the internet banking apps. Mobile internet banking does not provide direct access to the ATMs, but they can make provisions for the customer to use the ATMs at other banks and the retail stores where they will reimburse customers for ATM charges. For performing transactions online, the customers will need a device where they can install the application and they will need a good Wi-Fi and 4G network for making the transactions. The process of mobile internet banking is easy, convenient and fast for the customers.

Benefits of mobile internet banking:

1. Make transactions from anywhere:
An individual who wishes to make transactions do not need to visit the bank counters every time, with the introduction of mobile internet banking a customer can easily conduct all their transactions through applications.

2. Transactions at any time:
Any one who wants to make a money transaction or conduct any type of transaction with a bank may not worry about timings anymore. With the mobile internet banking apps, a customer can make transactions in the middle of the night.

3. Transactions updated automatically:
Transactions done by a customer will automatically get updated to the bank account and all the statements of the bank account will be recorded and updated, so if the customer has any query regarding their bank statements or transactions, they can just use the app to clear out their doubts.

4. Can use any device:
Customers can use the mobile banking apps through any smartphone device which has internet connectivity. A customer can use their phones without any hassles to conduct transactions with out any problems.

5. Wide range of services:
Payment of bills, transferring funds or checking the transactions of the account all of these can be done through internet banking apps. 

6. Track all transactions:
Through mobile internet banking, the customer can track all of their transactions, check their account balance at all times and keep an eye out for any false transactions.