Mobile banking is a system. Under which financial related work is done through mobile phone. Mobile banking has both advantages and disadvantages.
Benefits of Mobile Banking –
- With mobile banking, you can operate the bank anywhere, anytime through your mobile phone.
- You can get information about your bank account.
- Funds can be transferred from mobile phones.
- Can recharge mobile or DTH.
- Through this, you can get information about ATM and bank branch location.
- With mobile banking, you can check account balance, recent transactions, payment of bills, check status etc.
- Using mobile banking saves your time.
Disadvantages of mobile banking –
- To use mobile banking in a mobile phone you will need a multimedia phone.
- Not all banks have mobile banking facilities.
- Third party mobile banking software does not always work in mobile phones.
- In case of loss of mobile phone, you may suffer a huge loss if the user name, password and other information is stolen from your mobile phone.
However, mobile banking is considered much safer than Internet banking and ATMs.
