5 reasons why mobile banking apps are popular

Posted by neha sharma on May 29th, 2019

The advancements in technology, especially in banking have completely altered fund transfers. Cheques and cash transfers have become outdated. It has become so simple to use internet banking methods to transfer funds. Some of the most popular ways to transfer funds are:

• National Electronic Fund Transfer (NEFT)
• Real Time Gross Settlement (RTGS)
• Immediate Payment Service (IMPS)
• Unified Payment Interface (UPI)

However, from using internet banking on a laptop or personal computer, it is much more convenient to use an online money transfer app. Mobile banking application has made it possible to use a money transfer app to send money. Modes like IMPS and UPI transfer money immediately between two accounts.

Using apps can take a little bit of practice. Not everyone will be proficient in using them for conducting fund transfers. But why should one use a fast money transfer app instead of using the banking website?

Here are 5 benefits of net banking apps:

1. Mobility:

The problem with using internet banking is that it presupposes that the user has a working internet connection in the form of WiFi or a LAN connection. Using an all bank money transfer app on your smartphone means you’re completely mobile and you can use the app to transfer funds anywhere and anytime. In case of NEFT and RTGS, the transfers will happen during banking hours. UPI and IMPS transfers are processed instantly.

2. Convenience:

As compared to visiting the bank for conducting fund transfers, doing them using a money transfer app is extremely convenient. There is no need to stand in queue or maintain any documents. Everything gets done online without taking any additional efforts.

3. Bill payments:

The best benefit of using a fast money transfer app is that it allows you to pay off bills. It is possible to pay bills in just a few clicks using a bank’s mobile banking application. Utility bills and telecom bills can be paid instantly and the information has to be entered only once for such payments. The app automatically picks up the bill information, which makes future payments even more convenient.

4. Bank passbook:

Printing out a passbook is unnecessary since an online money transfer app also allows users to debit and credits into the account. Generally, these transactions can be checked for the past two or three months at a time. This allows users to verify transactions instantly.

5. Instant Money transfers:

Even though a money transfer app gets used for other purposes such as bill payments or passbooks, the primary use is for making instant money transfers. IMPS is a form of fund transfer that can exclusively be used on an online money transfer app. Most banks have their own version of UPI apps that also transfer funds instantly.