Payment transaction using online banking

PAYMENT TRANSACTION USING ONLINE BANKING

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Online banking allows a user to execute financial transactions via the internet. Online banking is also known as “internet banking” or “web banking”. An online bank offers costumers just about every service traditionally available through a local branch, including deposits, which is done online or through the mail, and online bill payments.

Advantages of Online Banking: -

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Ø      Convenience is a major advantage of online banking.

Ø      In effect, consumers can perform banking transactions 24 hours-a-day, seven-days a week.

Ø      Online banking is fast and efficient.

Ø      Funds can be transferred between accounts almost instantly, especially if the two accounts are held at the same banking institutions.

Disadvantages of online banking: -

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Ø     For a novice online banking customer, using system for the best time may present challenges that prevents transactions from being processed.

Ø     Although online banking customers security is continually improving, such accounts are still vulnerable when it comes to hacking.

Ø     Consumers are advised to use their data plans, rather than public Wi-Fi networks when using online banking, to prevent unauthorized access.

Ø     Additionally, online banking is dependent on a reliable internet connection. Connectivity issues from time-to-time may make it difficult to determine if banking transactions have been successfully processed.

Ø     On occasion, consumers may prefer face-to-face interactions for more complex banking issues.

  also read: -what are cyber crimes ?

Mobile Banking: -

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When you perform or use the banking services via a mobile, it is called Mobile Banking. Difference between online banking mobile banking is that Mobile Banking is done via a mobile banking app while the online banking is done via secure website of the bank.

Some popular mobile apps used today are: -

v     State Bank freedom (State Bank of India App). This is the official state bank of India mobile banking application.

v     iMobile Android App (ICICI Bank App). This is the official ICICI bank mobile banking applications.

v     M-Connect (BOB App). This is the official bank of Baroda mobile banking application.

v     Citibank IN (Citibank App). You can manage your Citibank accounts and credit cards with official Citi mobile application.

v     NGpay Application (HDFC Bank). NGpay is also the official mobile banking application for axis bank and HDFC Bank.

e-wallet: -

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e-wallet is a similar electronic service used for payments. E-wallet as the name suggest is your own wallet available to you electronically where you can use your own money (in electronic form) for payments. Some most popular e-wallet of today are: -

paytm, Freecharge, Mobikwik, Citrus Pay, Airtel Money, Oxigen Wallet, Ola Money, HDFC PayZapp, Chillr, pockets by ICICI Bank, JioMoney, SBI Buddy, mRupee, ItzCash etc.

Govt of India announced a new digital payments app named BHIM – Bharat Interface for Money – after Babasaheb Dr Bhimrao Ambedkar. BHIM is a digital payments solution app based on the Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI), the umbrella organization for all retail payments systems in India.

                                                                                        - JAI HIND