Individuals who are always on the go and traveling most of the time may find it difficult to pay bills and manage their finances. Many people using a laptop and local wifi connection to make payments when they are traveling which is not safe.
Banking apps are slowly gaining popularity among young generation. But many individuals still banking through old ways or making cash payments.
Here are some things to know about banking apps
Banks apps are governed by the Reserve Bank of India pre paid card guidelines.
Monthly transfer limit is Rs 10,000 for non-KYC customers and Rs 50,000 for KYC customers
One has to load money to send or make payments.
As of now, money credited in your bank app cannot be withdrawn in cash
There is no interest earned on the amount held in the app.
Popular bank apps are HDFC- Payzap, ICICI- iMobile, SBI- Mingle, Buddy, etc,.
How to Opt for bank apps in India?
- Respective bank customers can download their bank app from google pay store.
- Once you download, add your contact and other details as requested by the app.
- Set a PIN,
- Confirm one-time password sent to your registered mobile number for confirmation
- Once you login, link your cards by providing your card details such as card number expiry date etc,
- Load cash through card or using net banking
- Now, you can make payments using your app.
Benefits of using bank apps to make payments
The stored money in your virtual wallet have less chances of theft. The amount in bank wallet can be used to transfer funds, make mobile, DTH, data card or smart tag recharge or bill payments.
The money will be sent immediately, no need to remember, recipient IFSC, Bank, and other details. Bank customer can send money to anyone from their contact list.