Why is mobile banking so popular?

Mobile banking is one of the facilities which a bank or a financial institution provides to its customers. With this, one is able to make money transactions through a mobile device like the mobile phone or tablet. A step ahead of the ATMs, this type of banking makes it even easier, as the customer can use the service even sitting at home. Usually, it is active on a 24-hour basis.

Mobile banking uses certain softwares that are also called ‘apps’, provided by a financial institution for the purpose. Transactions that involve cash are however, not handled in mobile banking. That is, if one has to withdraw or deposit money, he has to go to an ATM, or to the bank itself. Mobile banking helps when one has to make bill payment or fund transfer from one account to another.

 

However, some banks have made restrictions regarding mobile banking. Not all accounts can be accessed through mobiles due to security reasons. Also, there is a limit on the amount of transaction. This is based on the rules set by the bank.