Mobile banking refers to the facility provided by a financial institution or a bank in and outside India to initiate and/or perform financial transactions/banking tasks on a mobile phone, tablet, and any smart device. In today's times, mobile banking has become very convenient due to the advanced innovate apps created by various banks. The main reasons for using mobile banking are to pay for merchandise, find a nearby ATM, bill payments, instant fund transfer, obtaining account balances, and various other banking services.
Mobile banking creates a complete digitalized environment, and reduces the paperwork and shrivels the waiting time of standing in long queues. The various ways banks provide mobile banking facilities to their clients are:
Mobile Banking over mobile applications such as smartphones; e.g. SBI Yono and iMobile by ICICI Bank, etc.
Mobile Banking over SMS also called as SMS Banking
Mobile Banking over USSD (Unstructured Supplementary Service Data)
Mobile banking via internet banking, mobile banking apps, USSD, or SMS is secured because when you are using the bank’s website or mobile app for performing banking tasks, they're protected by firewalls and SSL encryption. Firewalls and SSL encryption ensures your data is safe and cannot be used by anyone else.