Mobile Banking has transformed the traditional way of banking transactions by providing a convenient way to manage financial transactions. Are you confused about the use of mobile banking without a debit card or credit card? Yes, you can use mobile banking services without having a debit card and credit card with you as the real-time transactions are performed through your smartphone without the involvement of physical cash. Even you can withdraw cash from an ATM with the help of a mobile banking app without a debit card by using Card Less features from the mobile banking app. In this article, we will discuss about mobile banking services and their uses in detail.  

Image consisting: Mobile Banking uses, features and other banking servies.

Mobile Banking refers to the use of a smartphone or mobile phone to perform various banking transactions and services on the go without the need to visit a bank. Due to its convenient features, the popularity of mobile banking is in increasing trend. Further, there are lot of confusion regarding mobile banking and net banking/e-banking. Definitely, there are different uses between them. We will cover these topics below. Now let's get into the features and activities of mobile banking.

As I mentioned earlier there is no need for a debit card or credit card if you decide to use mobile banking services. Nowadays, Omni channel-based mobile banking allows users a seamless banking experience. You can rely on mobile banking without a debit card as most of the transactions are online and digital banking is at its peak position. Each financial organization is actively promoting digitization, offering seamless and secure ways to manage their financial transaction with access to a wide range of various banking services on the go with the help of mobile banking. Mobile Banking is one of the revolutionary tools in the banking sector that facilitates the customer to perform most of the banking transactions from your smartphone. 

The basic key features of mobile banking in modern banking are discussed below:

1. Account Management: 

With the help of mobile banking, you can manage your all accounts. You can check balances, view account transactions, and monitor your transactions in real time.

2. Fund Transfer: 

One of the most common uses of mobile banking is fund transfer either to your own bank's account or another bank's account. It has been a very easy and seamless way to transfer the funds as required to the beneficiary account in real time. However, there are some restrictions and limits on transactions set by regulatory authorities and banks.

3. Bill Payments: 

Mobile banking makes life easier by providing a bridge for utility payments like mobile tops up, recharge cards, water, electricity bill payments, credit card bill payments, insurance bill payments, and other regular expenses directly through the mobile banking app.

4.  Alert and notification: 

Customers can get alerts and notifications of the transactions they performed and other relevant information directly on their smartphones.

5. Load Wallet: 

One can load money directly through their mobile banking app to their wallet instantly. Currently, real-time transactions can be done between the bank account and wallet.

6. Cardless Transaction: 

You can withdraw cash from an ATM with the help of a mobile banking app without a debit card by using the Card Less features from the mobile banking app. It is one of the smart features of mobile banking services.

7. Debit Card and Credit Card related: 

You can request for new debit card and credit card request directly from your mobile banking app. Even you can block your card directly when required without visiting the bank. You can view of credit card limit also.

8. Open New Account: 

You can request for new fixed deposit account directly from your smartphone with the help of mobile banking.

9. Fone Loan: 

Nowadays, banks are providing instant loans for their mobile banking users considering the turnover and transaction history in the account to fulfill their urgent financial needs. It is also one of the positive aspects of mobile banking.

10. Customer Support: 

You can raise your ticket regarding the issues directly through your mobile banking app with one click.

These are the most common features of mobile banking services. With time, there is the addition of advanced features to mobile banking in increasing to enhance the user experience.

More about Mobile Banking:

How do I register for mobile banking services?

  • It is very simple and convenient. You need to have your bank account to activate the service. Just visit your bank and apply for mobile banking services. The bank will charge a certain amount and activate mobile banking services shortly.  

How to activate your mobile banking in your mobile?

  • After successful registration, you will be notified with an SMS to your registered mobile number. 
  • You need to download and install the official mobile banking app from the Play Store.
  • After installation, you need to activate your mobile banking app.
  • You need to enter your registered mobile number and your account number to authorize the activation request.
  • Keep in mind that the registered mobile number should be in the same mobile phone for OTP authorization.
  • After successful authorization, you will be prompted to set your Password for login Credentials and for digit Transaction Pins.
  • And here you go.

Differences between Mobile Banking and E-Banking:

The main objectives of both services are the same as both are involved in financial activities. Here are some differences to clear the confusion among the customers:

  • Mobile Banking is an app-based service whereas E banking or Internet banking is web based service.
  • Mobile Banking allows you for limited number and amount of transactions whereas Internet Banking goes for a higher number and limit of transactions.
  • You need to have your registered mobile number to use the services whereas you can access your internet banking services from anywhere.

Things to consider while using mobile banking as well as any online financial activities:

  • Users need to follow best practices for mobile banking security, such as keeping their devices updated, using strong passwords, and avoiding public Wi-Fi for sensitive transactions.
  • Avoid sharing sensitive information like OTP and other personal information with anyone.
  • Bank and Bank's staff never ask for personal information on the phone or on any social media platform.
  • Confirm twice before performing any sensitive transaction. If seems suspicious, directly confirm with the bank.
  • Always use the official version of banking apps from the Play Store.
  • Update your latest mobile number and other information if changed immediately by visiting your bank.
  • Always be vigilant and monitor your account activities regularly.