Easy Online Money Transfers Through Mobile Banking : Some Facts
The once-minuscule segment of the Indian population that used to transact online has now significantly grown thanks to the UPI (Unified Payments Interface). As of May 2023, Indians transacted online for a value close to ₹ 14,07,007 crore. Mobile banking services in the country have adapted to this change by making online transfers convenient for customers. Read this article to understand how mobile banking has transformed online fund transfers in India in the UPI era.
- It offers more modes of online money transfer
Mobile banking apps of the day provide multiple online money transfer modes besides UPI. For instance, the IDFC FIRST Bank app offers Auto Pay and One-Swipe Pay, two features that help customers transact online securely. The app also facilitates IMPS (Immediate Payment Service), RTGS (Real-Time Gross Settlement), and NEFT (National Electronic Funds Transfer) transactions.
- Mobile banking has improved the accessibility of bank accounts
Customers can access their bank accounts more conveniently using a mobile banking app. IDFC FIRST Bank savings accounts are instantly accessible through the mobile banking app. Furthermore, customers can conveniently access other banking services such as personal loans, investments, and fixed deposit (FD) accounts. Mobile banking also helps customers check their bank balances instantly.
- Banking on mobile is safe, quick and more convenient
Universal Search is a defining feature of the IDFC FIRST Bank mobile banking app. This feature enables direct, instant access to all banking services. A resilient technical foundation also ensures a seamless customer experience. Banking on a laptop or any other device is time-consuming, and not all services are accessible. Mobile banking apps, on the other hand, offer security and instant access at all times.
- Customers have greater control over their finances via their bank accounts
Banks have recently introduced a new feature on their mobile banking apps – opening a new bank account online. In the IDFC FIRST Bank case, customers can instantly open a new bank account and use the banking services. This feature offers greater control to customers by allowing customers all-time access to their bank accounts. An online bank account helps you view your past transactions conveniently, thus helping you budget better for the future.
- Customers can save more using mobile their mobile apps
IDFC FIRST Bank Track Your Expense feature helps customers categorize their previous expenses and budget accordingly. This feature, coupled with the IDFC FIRST Bank Zero Fee Banking policy, which waives off the savings account-related fees of 28 services, helps customers grow their savings. Customers stand to benefit more by opting for apps designed with the aim of increasing their savings.
Banks now focus more on the security of online money transfers following an RBI (Reserve Bank of India) notification on the same subject. In addition to this feature, banks wish to make their services more accessible through their apps. You must opt for a mobile banking app that offers these two features in addition to, other banking services to enjoy a stress-free online banking experience.
