Mobile Banking and how does it work

Asked By 220 points N/A Posted on -
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Hi all,

Now a days we see that ,A new banking system that is able to transfer money one place to other without any bank account has come. And going to so much .Actually what is mobile banking? Does it uses software or other thing? How can it send money one place to another ?Do i have any security in this banking system?

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Best Answer by Philip Andrew
Answered By 0 points N/A #127744

Mobile Banking and how does it work

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Dear regarding your first 3 questions, The word mobile banking means the banking processes through mobile, now in process all things comes, your credit, debit, transactions, balance everything you can do through your mobile phones etc, regarding software definitely they are using this through software but at bank only to manage the data, it’s a facility provided by banks and this all occurs due to mobile banking. Regarding money sending so dear it’s all done in banks using mobile and internet transactions online so new problems in it now a days . Last question is that regarding the mobile banking security yup it’s a secure as no spam or viruses, No ATM thief property, it also do authentication and encryption, so I think it’s a secure apart from that mobile is stolen.

 

 

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Best Answer
Answered By 0 points N/A #127745

Mobile Banking and how does it work

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Hello,

These are the answers to your questions:

  1. Mobile Banking – this is doing bank transactions (balance checks, payments, deposits, money transfers, etc) using a mobile phone. 
  2. Yes, you must have a Mobile Banking Software on your phone. Or your phone must be able to connect to an internet and open your bank site where you can login and start mobile banking.
  3. Yes. You need to enroll your accounts to be able to start using mobile banking. During enrollment, you are asked for PINs for your bank account and you are required to supply a password for your mobile banking account. Everytime you login, you would have to enter that password/PIN. Some other banks would require to supply another password for transactions. Before performing mobile bank transactions that you have requested, you would be asked to input the transaction password.

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