The payment and transfer features of a mobile banking app
Phone banking apps, or as many people who prefer to use a phrase like “ money transfer bank app ” on Google to learn about them, have changed the banking landscape forever. Banking has become easier, smoother, and more secure than before—thanks to phone banking apps. The most used service on any phone banking app in the market is the “pay or send” feature. Earlier, one had to visit a bank office to transfer money but now they can do the same thing through their smartphone. Let us probe further and know the payment or transfer features found in phone banking apps. The One-time fund transfer feature The One-time fund transfer feature works without the need to register a beneficiary in the mobile banking app. This feature applies to any payment method; be it IMPS or RTGS or NEFT or other methods to transfer money to an account within the same bank. Although, while using this feature, one would need to use MPIN to authenticate the transfer of money. ...