They are Cheap and Instantaneous- Mobile banking services are economical as compared to Credit Card payment gateways and PayPal for traders. Hence, they are a preferred form of payment compared to others. Moreover, mobile payments are also immediate which means it can be used right away after transfer unlike cheques or demand drafts that take minimum 3 days to transfer. Attributing to these characteristic more than 40 million mobile users have registered themselves for mobile banking services.
They are Safe and Secure- When a payment is done through the medium of a cheque there is a possibility that the cheque may bounce due to insufficient funds in the bank account of the account holder or faulty signature. Mobile payment eliminates all such prospects as the payment is instant and is deducted from the funds existing in the account. Likewise, it also eliminates the problem of stacking up liquid cash to make payments as it can be used to make both small and big transactions.
They are Convenient- Mobiles are portable and user-friendly. Carrying a mobile is much more convenient than carrying wads of cash. Carrying cash can pose a threat to the security of the person handling it. Services such as Mobile banking and mobile wallet eradicate the chances of being robbed or attacked by assailants. Checking balance amount and keeping a tab on transactions is also an easier task via the mobile phone. Therefore, around 5-7 million users use mobile banking facilities regularly.
They are easy to Access- As a matter of fact, customary banking has a lot of limitations as in no bank functions 7 days a week, there are restrictions in terms of timings and one has to stand in long queues to deposit or withdraw money. Mobile banking compared to this has no restraints; it can be accessed for transactions and can be monitored at any time, any day be it Monday, Saturday or Sunday, from any corner of the world without any interruptions which gives it an edge over standard banking.