What is Mobile banking, Money Bank and Payments Bank?

what is mobile bank, money bank and payment bank

Friends, as you know, as technology is growing. All people are adopting new ways every day to make their work easier. Whether it is to buy any goods or to send money. People also use various types of apps so that they can easily do their daily work.

The smartphone plays a very big role in doing this. We can send money, recharge and shopping through mobile. There are also some technical terms used in this type of work, such as Mobile Banking, Mobile Money and Mobile Payments.

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In today’s article, we will talk about this topic. Almost everyone uses it, but some of them know what it is. Although a lot of people are using it some people are well aware that what is the difference between them. However, it doesn’t have any certified explanation but I will give some small highlight on it.

Mobile Banking, Mobile Money and Mobile Payments

With the coming of the smartphone, many things in our life have become very simple. The biggest advantage was that we got rid of the huge crowd of shopping and bank.

Nowadays we can do shopping from home only. At the same time, anyone can easily transfer money from one account to another in a short time by using this facility. This is possible with mobile banking.

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All three of the above words define their identity themselves. Which are used in money transactions? Let us know one by one that what is Mobile Banking, Mobile Money and Mobile Payments?

Mobile Banking

Today the world is adopting the technology fast, and digitalisation is taking place. Why are the banks behind why not they adopt digitalisation?  They are also becoming digital.

In this case, you can now manage your banking services with your smartphone instantly. To do so you will find many apps that make your work even easier. You also get the official and third-party which are quite secure. Called Mobile Banking.

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With the help of Mobile Banking, you can manage your account digitally/Online. Mobile Banking connects you digitally with your bank. That is to say that you do not need to go to the bank for banking. That means you can easily do many things of the bank by sitting at home.

Such as New Account Opening Request, FundTransfer, Bill Payments, Mini Statement, Balance Check, Loan Application, New Cheque book request, Debit / Credit Card Management etc.

To do this, you do not need to go to the branch of the bank. However, many things also depend on the type of account. Because banking services are also different for different types of accounts.

Mobile Money / Mobile Wallet

Now let’s talk about what is Mobile Money. It is a kind of bank, but it does not have any branch or physically present. This is usually a mobile-based account that is made available to its customers by mobile network operators. Like Airtel and Reliance which are quite popular.

Apart from this, you must have heard of another third-party mobile wallet. Like PayTm, PhonePe, Freecharge etc. By using these you can also do mobile recharges, domestic usage, online payments and many types of bill payments.

For this, you have to put money in your mobile wallet from your bank account. Nowadays this e-commerce company is also offering this facility. In which Amazon and Flipkart are at the forefront.

Mobile Payments

Nowadays, money transaction is common by using a smartphone. I mean to say that any  Payments can be done by using Mobile Payments. For example, if you buy some stuff then you have to pay for it. For this, you either pay money or use a credit card for bill payments.

But if you pay this money with your mobile, it is called mobile payments. To do this, you have to take the help of an app. Which can be an official or third-party app. This process is called M-Payments, Mobile Money and Mobile Money Transfer.

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Friends hope that after reading this article, you may well understand what is Mobile Banking, Mobile Payments and Mobile Banking. By the way, you use all these things on a daily basis.

A lot of people will know about it. But the reason for writing this post to increase your awareness and people get more information about this technology.

I hope you have to gain something from this article. If you like that please share it so others get the benefit of it. If any query writes in the comment box. I will get back to you.

Thanks for giving me your precious time.

“Happy Reading and Happy Life”

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