Mobile banking apps are software applications provided by banks that allow you to perform financial activities on a smartphone or tablet. They are a key part of digital transactions, which are electronic money transfers that do not involve physical cash.
How to Set Up a Mobile Banking App
To begin using mobile banking, you must follow these general steps:
- Download the app: Find the specific app for your bank on the Google Play Store or App Store.
- Register: Depending on your bank, you may need to register by submitting a form at a physical branch, or through SMS or phone banking.
- Log in: Use your existing net banking User ID and password to access the app for the first time.
- Set an MPIN: Create a secret MPIN (mobile PIN), which you will need to enter every time you log into the app.
Common Activities on Mobile Apps
Once set up, you can use these apps for various tasks, including:
- Checking account statements and transaction details.
- Transferring funds to other people.
- Paying bills and paying for online shopping.
- Applying for services such as new cheque books, credit/debit cards, or loans.
Digital Wallets and UPI Apps
Digital wallets are a specific type of online payment app that securely stores your bank or card information so you don't have to carry physical cards.
- Popular Apps: Common examples in India include Google Pay, Paytm, and BHIM UPI.
- Payment Methods: You can pay or send money by entering the receiver's phone number or by scanning their unique QR code (a square, black-and-white code).
Safety Best Practices
Security is critical when using mobile banking. You should always:
- Never share your PIN, MPIN, password, or OTP with anyone, as banks will never ask for these details.
- Set strong passwords and change them every 6 to 12 months.
- Avoid public Wi-Fi or open networks when performing transactions.
- Always sign out or log out of the app immediately after you finish.
- Remote Disabling: If your phone is stolen, you can disable your digital wallet remotely.
Mobile Banking vs. Net Banking
While both allow you to manage your money online, net banking is accessed through a web browser (like Chrome) on a computer or phone, whereas mobile banking is done specifically through a downloaded app on a mobile device.