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.

 

1. 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.

 

2. The beneficiary registration feature

Until now, a beneficiary had to be registered for every type of transaction like IMPS, RTGS, and NEFT separately. Now banks have come up with a new feature. Whenever one registers a beneficiary in their phone banking app, that beneficiary can receive money through every transaction channel by default. If one wants to deactivate a transaction channel for a particular beneficiary, they have to do it individually. They can even add a beneficiary to a “favourite” list if they want to transfer money to it easily and swiftly.

 

3. The repeat transaction feature

The repeat transaction feature is available in a mobile banking app to help one make a particular transaction to a beneficiary again. When this feature is selected—for any transaction channel like IMPS, RTGS, and NEFT—all the fields in the transaction screen are pre-populated with the details of that transaction, thus making it swifter and smoother. The link to this feature is available in the “recent transfers” section on the homepage.

 

 

4. The payback feature

If one person sends money to another person, the recipient can send money to the first person back by using the pay functionality. This feature opens the One-time fund transfer page where all the details of the sender are pre-populated. One has to enter a few details, apart from the already pre-populated fields, and press the send button to complete the transfer.

 

5. The send and share receipt feature

After the transaction is done, one can enter the email ID and/or the mobile number of the beneficiary to send them an email and/or SMS containing the transaction details and its receipt. One can share the same receipt with themselves by using their email ID. One can even download the receipt and print it out for future reference.

 

So, these are the payment or transfer features of a mobile banking app. Please understand the features of your bank’s phone banking app thoroughly before using them to avoid sending money to an unwanted account. Have a nice day!