How Mobile Payments Have Revolutionized The Banking Industry

The world keeps evolving day in and day out thanks to the availability of technology. Technology is taking every industry over and simplifying the works relating to these industries by the day. As if that is not enough, every day there is an innovation that further seeks to simplify things using technology. One of the industries that have been greatly influenced by technology and the daily innovations is the banking industry especially with the introduction of mobile payment for a bank. With its introduction, mobile payment for a bank has revolutionized the way the world works and especially banks.

With mobile payment for a bank, a specific bank gives the clients the privilege of performing transactions using their mobile devices whether smartphones or tablets. Many applications have been developed to facilitate this, and they have proved to be very beneficial. In a bid to facilitate mobile payment for a bank, these mobile applications have brought in the following changes:

They give an alternative means to access the bank account

Traditionally, one would access their bank accounts by visiting their local bank to a branch of the bank. If not, you would not be able to view your account. With these applications, you can view your account at the comfort of your home or in any other place safely and securely. This has made banking more fun and engaging. It has also helped the customers feel more in control f their accounts as they can monitor the activities at any given time.

Transactions have been made easier

With the mobile applications, one can make transactions straight from their accounts. This is very convenient and saves you time. Purchasing products and paying for services has made extremely easy and as one does so, they get a real-time update on their finances. This can alert them on overspending. This is as compared to shopping with a credit card and one day it gets declined because there are no sufficient funds. With mobile apps, you are more aware.

Mobile payment for bank breaks boundaries

With mobile payment for a bank, people can shop for anything they want regardless of the country. This is because the transfer of funds to the manufacturers is easier and very convenient. Without mobile banking, it was a very difficult thing to purchase something from a foreign country, but now all barriers have been lifted making it a free highway. These bring togetherness in the financial systems of different countries that never existed.

It has made withdrawal of money easier

This is a feature that many people in different countries experience. Instead of going to the local branch to withdraw funds from the account, one simply withdraws money through the mobile application into their mobile bank provided by a specific network provider. Once the money is in their mobile bank provided by the network provider, they can withdraw it through an agent. For example, in Kenya, you can link your sim-card with a bank account like KCB. Therefore, you can withdraw from your KCB bank account into your M-Pesa account provided by Safaricom network. You can then withdraw the money from M-Pesa through an M-Pesa agent.

There are many other small ways in which mobile application for banking sector has revolutionized the banking industry and enhanced mobile payment for a bank. Even so, these are the major revolutions witnessed.

Saumya Srivastava

Our Clients