Although mobile banking has been around for a while, it hasn’t become a necessity as online banking has. It could be because people aren’t aware of the technology, or that they think it’s too difficult. Transferring money from one mobile device to another is as simple as selecting one of our three options. Transfer money to a person’s account, even if you don’t know the person’s bank account information, using these methods.
Despite the fact that two-factor authentication is required for all financial transactions, be especially vigilant when using your phone to pay bills. Even if you lose your cell phone, you’ll still have another layer of protection in the form of a security password. You should never store your mobile banking information on your phone. Always keep your password a secret.
Sending money through an SMS
To begin, you will need to link your cell phone number to your savings account in order to enrol in mobile banking. Visit a bank branch or use an ATM to complete this transaction.
Like a debit card, it comes with a kit. This is a debit card-like system, except that the MMID number is a virtual one and the mPIN is your password. Activation of mobile banking varies from bank to bank, taking anything from a few hours to a few days.
Transmitting to an address: IMPS (Interbank Mobile Payment Service) is an acronym for the Indian Financial System Code (IFSC), which is a nine-digit code used to identify a bank account in India. You will be prompted to input your mPIN after you confirm this. The transaction would be completed as soon as you pressed the “OK” button. You will receive an SMS from the bank notifying you of the transaction.
Even if the individual to whom you are sending money does not want to share his bank account information, you can send him money via SMS instead. There are no major changes to how you would transfer money, but instead of the account information and IFSC number, you would input the recipient’s MMID instead.
You can even pay your electricity and other bills via SMS if you wish to do so. Your mPIN and the amount you wish to transfer will be sent to the bank’s number after you have sent your systematic investment plan payment for mutual funds via IMPS. The merchant’s website will include the bank’s phone number.
Confirmation SMS will be sent to the customer within minutes of the transaction being initiated. All sorts of phones are supported by the SMS service.
Sending money through an app
It is possible to download the Bank’s Mobile app on your mobile phone as a customer of the bank in which you have your account. The IMPS option will appear in the app’s menu after it has been activated. The account number and IFSC code of the recipient must be entered here as well. The money is immediately transferred when you have confirmed the details.
Sending funds to a specific person: Again, the steps are the same: instead of account information, provide the recipient’s mobile number and MMID number, followed by the amount.
The IMPS merchant fund transfer option can be found here if you pick IMPS as your method of payment. You’ll be prompted to enter the merchant’s mobile number, MMID, amount, and mPIN after you choose this option. The transaction will be completed once the details have been verified.
Dialling a phone number to transfer funds
Getting the ball rolling: Withdrawing money is still possible, even without access to the Internet, despite the fact that there is no app for that.
You’ll need to use your phone’s keypad to enter *99#. If you are looking for a way to access the National Unified USSD Platform for mobile banking, this is the place to go. In order to proceed, you’ll need to enter your seven-digit MMID number. There, you’ll have to choose a fund transfer and provide the recipient’s phone number and MMID number. To finish the transaction, enter the amount and enter your mPIN.
You will receive a confirmation message and a 12-digit reference number after the transaction is complete. The recipient will also receive this number.