Published on March 6th, 2018 | by Sunit Nandi0
It’s Not Just a Smartphone, It’s a Smart Bank Too!
A smartphone is not just a device to make calls nowadays. You can click pictures, surf internet, order food, book movie/air/railway/bus tickets or make reservations in hotel/restaurant/resorts, shop, conduct a video conference call, play games, and so on.
A smartphone is a portable robot that can do thousands of work for you on the go. Apart from being just a smartphone, it has become a smart bank too. Many mobile users use their smartphone for banking and transaction purpose.
Leveraging the mobile wallet apps like Paytm, MobiKwik, Airtel Money, Tez, iMobile, BHIM, etc, mobile users can now shop, recharge phones, transfer money, pay utility bills, and do a lot more. These apps work like a portable digital bank for mobile users.
Mobile users don’t need to visit banks anymore to update their passbooks, get a new cheque book, withdraw cash for shopping, tear up a cheque or stand in a long queue to transfer, deposit or withdraw money. They can do it all just by using their smartphone.
With such hustle bustle in the Indian digital market, many businesses are keeping an eye on the growing demand for such apps and trying to reach out to smartphone users. Banking and Insurance industries are reaping the benefits of the present digitally-driven economy. They are putting all the efforts to reach out to the potential audience (smartphones users) by coming up with mobile-friendly apps and services, such as:
Here are some popular mobile app types that users leverage to make bill payments, transfer money and do things alike.
Mobile-based e-wallet apps enable mobile users to make payment to shopkeepers, pay utility bills, recharge mobile/DTH/metro cards, send/receive money, and so on. Below are some popular e-wallet apps:
- Paytm: Lets users transfer money to Paytm wallet and bank account, recharge mobile/metro card/DTH, make payments to retail merchants, pay utility bills, book movie/hotel/flight/train/bus tickets, and so much more.
- HDFC PayZapp: This e-wallet app lets users compare flight/hotel prices and make bookings, buy music, pay utility bills, etc. by simply connecting their debit/credit card to the app.
- ICICI Pockets: This e-wallet lets you pay utility bills, recharge mobile, make instant transactions, transfer money to your WhatsApp contacts or email IDs.
These mobile apps enable users to open their Fixed Deposits, Recurrent Deposits, invest in mutual funds, buy an insurance policy, pay utility bills, transfer money and do much more by using a mobile. Here are some such apps:
- BHIM: Using BHIM app, users can transfer money to any other e-payment or bank account using their fingerprints or PIN without registering the payee in advance. The app doesn’t even require internet connectivity.
- PhonePe: This UPI (Unified Payment Interface) based mobile app lets you make payment with your credit/debit card, bank account, or PhonePe wallet. You can transfer your wallet’s balance to your bank account in just a swipe. Also, you can pay utility bills, recharge your mobile, send money to your friends or family, etc.
- iMobile: This App by ICICI Bank offers many banking services to mobile users, such as bill payment reminders, see the status of all deliverables from the bank, manage Demat portfolio, avail personalize Debit Card, tax payment, buy insurance, etc.
- Citibank: This app lets you transfer money, make payments, pay utility bills and recharge mobile/DTH connection. Also, you can convert transactions of your Credit Card into EMIs (Equated Monthly Installments), avail a loan against your Credit Card, make fixed/recurrent deposits, invest, and perform banking activities using this app.
Following the digital track, many non-financial businesses have also developed non-banking mobile apps for their users. Here are some examples:
- Airtel Money: This app lets you deposit money in the wallet, withdraw/send/receive money, buy internet plans, purchase goods and services, pay utility bills, etc.
- Apple Pay: Developed for iOS 8 or later version, this app lets you add Debit/Credit Card to the wallet. This app can be used for making within apps/in stores purchases with a single click. This app is currently unavailable in India.
- Samsung Pay: Similar to Apple Pay, this app lets you add up to 10 debit/credit cards to Samsung Pay. You can authenticate your transactions with a just fingerprint verification if you are using a Credit Card. Samsung Pay works at every store where credit/ debit cards are accepted.
Access to Financial Services
Gone are the days when you had to wait in a long queue with an application in a bank to apply for a loan. Using your smartphone, you can access financial products of all the leading banks and NBFCs (Non-Banking Financial Companies). You can visit online lending platforms such as mymoneymantra to browse loan offers, fill and submit an application as well as documents, and get loan disbursal within a few days.
Whether it’s a Home Loan, Business Loan, Personal Loan, Credit Cards or any other financial product, you can avail it using your smartphone!
Most banks and other financial institutions have developed mobile-responsive sites to cater to engage with smartphone users. They are adopting contactless/automatic banking system, doing away with the need of employees and branch offices by leveraging technology like Skype, ATMs, Cash Vending/Deposit Machines, etc. to offer instant services to the customers.
You can order cheque books/ passbooks, make instant transactions, pay utility and other bills, transfer money, check your bank balance, open deposit accounts, and do a lot more with a smartphone. Undoubtedly, it is a portable smart bank!
To avail best offers on loans and Credit Cards, visit mymoneymantra, the first financial services distributor in India, having an association of more than 50+ lending partners.