In just a few years, banking has undergone a dramatic transformation. With online banking services, customers may easily switch to mobile banking. You won’t need to visit the bank when you have a money transfer app at your disposal.

It’s been over two decades since banks first launched SMS banking, the first form of mobile banking, and we now have a pocket-sized bank on our phones. But now, there is nothing impossible with online banking apps. You can pretty conveniently pay bills online, pay your credit cards, apply for new credit or debit cards, get loan offers, start a recurring account, apply for a loan, check statements, and send money to someone with just a few clicks on your mobile devices.

What is mobile banking, and how does it work?

When a bank or financial institution allows consumers to make financial transactions using digital devices such as smartphones, tablets, or laptop computers while on the go, this is known as Mobile/Internet banking, for example, people utilized mobile banking extensively during the Covid-19 outbreak because we had to conduct all transactions remotely. Nowadays, having a smartphone is equivalent to carrying a portable mobile wallet with you in your pocket.

You need to make cashless payments: a smartphone, an internet connection, and a debit or credit card. You can send money to anyone using your phone number, scan and pay at stores, and transfer money using your bank account. These apps are simple to operate. They’re set up so that even a novice can use them.

People are still apprehensive about making payments with their phones because they believe their information is not secure, although this is not the case. Mobile banking apps are safe, secure, and easy to use; they usually have numerous layers of security to keep your information safe. Two-factor authentication is utilized before each transaction. Fingerprint scanning, PINs, and facial recognition are examples of additional security measures that can be applied. Customers who use mobile banking regularly keep a tight check on their accounts and alert the bank immediately if they see any suspicious activity. Going to the bank, which is difficult and time-consuming, is considered superior to using a mobile banking app like MPESA.

These apps have partnered with various e-commerce companies, allowing users to book buses, flight tickets, and train tickets directly from the app. In addition, you can earn great cashback and discounts when you shop at Amazon, Myntra, Croma, and other online stores.

Mobile banking is a blessing that has made our lives easier and better by allowing us to access services instantaneously and from anywhere, especially for those who live in rural areas without access to banks. These apps are built with the convenience of the customer in mind. They are user-friendly and feature a primary user interface, allowing them to be used by anyone.

Mobile banking has made transactions more convenient and safe by allowing us to access services quickly and virtually anywhere. Moreover, it is provided to people who reside in places where there are no banks.