Mobile Banking

Mobile banking is a convenient service that enables clients to use their mobile devices,
such as smartphones or tablets, to access their bank accounts and carry out a range of financial
activities, including moving funds, checking balances, and making bill payments. In order to
utilise mobile banking services, consumers are required to initially download the bank’s mobile
application from an authorised application store and establish a user profile. After installing
the app and setting up the user profile, consumers may utilise a variety of banking services and
features on their mobile devices.

Characteristics

• To utilise the mobile banking application, it is necessary to own a smartphone and a reliableinternet connection.
• Customers are empowered to do financial transactions at their convenience, regardless of time or place.
• Customers have the ability to utilise SMS as a means to access mobile banking services.
• Customers are sent push alerts through the mobile banking application to obtain timely information, new offers, and savings.

Requirements

• Smart phone with internet connection
• Mobile banking application of concerned bank
• User name and pass word obtained through registration with the Bank

Internet Banking

All the facilities that are available through mobile banking can be accessed with internet banking also. How it should be operated through the bank website with the same user id and pass word of mobile banking.

Unified Payment Interface (UPI)

The UPI is a system that integrates several bank accounts into a single mobile application from any participating bank. It combines various banking services, facilitates smooth fund routing, and enables merchant payments inside a single platform. Additionally, it accommodates the “Peer to Peer” collection request, which may be arranged and remunerated according to necessity and convenience.

Steps for registration

• The user acquires the UPI application from either the App Store or the website of a bank.
• The user establishes their profile by inputting information such as their name, virtual ID (payment address), password, and other necessary details.
• The user navigates to the “Add/Link/Manage Bank Account” option and establishes connection between the bank and account number using the virtual ID.
• Generate PIN
• The user chooses the specific bank account from which they wish to begin the transaction.

Push Transaction- Send Money

It is a Pay Request, refers to a financial transaction in which the client who initiates it transfers payments directly to the targeted beneficiary. Payment addresses include of the following details: mobile number and MMID, account number and IFSC, and virtual ID.

Pull Transaction- to collect money

A collect request is a financial transaction in which the recipient withdraws funds from the designated remitter through the use of a virtual ID.

UPI based applications

• G-pay
• PayTm
• Phonepay

Aadhaar enabled payment system (AEPS)

AEPS is a bank-led model that enables online interoperable financial transactions at PoS (Point of Sale/Micro ATM) via the Aadhaar-authenticated Business Correspondent (BC)/Bank Mitra of any bank.

Unstructured supplementary service data (USSD)

Additionally structured supplementary service data (USSD) is utilised by the cutting-edge payment service *99#. This service enables mobile banking transactions using a fundamental mobile phone feature; mobile internet data capability is not a prerequisite for USSD-based mobile banking. Its objective is to facilitate the financial inclusion and deepening of underbanked communities through access to mainstream banking services.