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How have e-banking apps transformed the way we bank?

Mobile apps have removed the compulsion of visiting the banks in person to avail of banking services. To add to your benefits, net banking can also be accessed on smartphones through mobile banking apps.

Almost all banks nowadays offer banking apps for customers’ ease. With the help of the app, you can not only make payments but also avail of other banking facilities such as applying for credit cards and utility bills and opening a bank account online. All that’s required of you is to install the app and get going.

Listed below are some of how net banking apps have transformed the banking sector:

  • They enable cashless payments:

As the name suggests, cashless payments can be defined as the type of payment where you are not required to carry cash. Earlier, coupons and cheques were a form of cashless payment. But, with time, banking and non-banking institutions introduced UPI and other payment apps. Thanks to these banking apps, peer-to-peer payments have been on the rise. With these payments, you can send or receive money directly to your account.

  • Payments have been simplified:

Before the induction of net banking, depositing money in another bank account used to be a cumbersome task. You were required to fill out an offline form and type the entire bank account number and the IFSC code of the bank branch. But with e-banking apps enabled with UPI payments, all that’s needed of you is either scan the QR code or enter the mobile number of the individual you are paying. In addition, you get IMPS, RTGS, and NEFT for transferring funds on higher sums.

  • With these apps, you could easily track your expenditures:

Earlier to keep track of your monthly purchases, you needed to update the passbook which was a time taking process. This is where banking apps are so useful. After signing into your online account, with a few simple clicks, you can download your bank statement. Moreover, you can also modify the period for which you want the account statement.

For example, IDFC First Bank’s mobile app offers comprehensive banking services at your fingertips. Along with easy online payments, you can monitor and control all your accounts in one place and pay utility and credit card bills while on the go.

  • You don’t even need to initiate payments:

An outstanding feature of e-banking apps is the auto-debit option. While using this feature, all you need to do is leave a standing instruction with the bank. According to the said instruction, a certain sum will be automatically deducted from your bank account. This feature can be really helpful for paying utility bills and even rent.

An e-banking app makes your life easier by removing the hassles of visiting the bank for availing of services. These apps help perform transactions and manage bank accounts easily within no time. In addition, you can open a bank account, apply for personal loans, and invest money while on the go without any hassles.

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