Mobile banking
What is Mobile Banking?
Mobile banking is the act of making financial transactions on a mobile device (cell phone, tablet, etc.). This activity can be as simple as a bank sending fraud or usage activity to a client’s cell phone or as complex as a client paying bills or sending money abroad. Advantages to mobile banking include the ability to bank anywhere and at any time. Disadvantages include security concerns and a limited range of capabilities when compared to banking in person or on a computer.
Understanding Mobile Banking
Mobile banking is very convenient in today’s digital age with many banks offering impressive apps. The ability to deposit a check, to pay for merchandise, to transfer money to a friend or to find an ATM instantly are reasons why people choose to use mobile banking. However, establishing a secure connection before logging into a mobile banking app is important or else a client might risk personal information being compromised.
Mobile Banking and Remittances.
Remittances are funds that an expatriate sends to their country of origin via wire, mail, or mobile banking (online transfer). These peer-to-peer transfers of funds across borders have enormous economic significance for many of the countries that receive them – so much so that the World Bank and the Gates Foundation have set up complex tracking mechanisms. They estimate that remittances to developing countries amounted to $529 billion in 2018, up 9.6% from the previous record high $486 billion recorded in 2017.
List of banks who provided mobile banking in Nepal.
- Nabil Bank Ltd.
- Nepal Investment Bank Ltd
- Siddhartha Bank Ltd
- Kumari Bank Ltd
- Everest Bank Ltd
- Sunrise Bank Ltd
- Laxmi Bank Ltd
- Civil Bank Ltd
- Machhapuchre Bank Ltd
- Bank of Kathmandu
- Prime Commercial Bank Nepal Ltd
- Sanima Bank Ltd
- Nepal Bank Ltd
- Rastriya Banijya Bank Ltd
- Lumbini Bank Ltd
- Global IME Bank Ltd
- Nepal SBI Bank Ltd.
- NMB Bank
- Himalayan Bank Ltd
- NIC Asia Nepal Ltd
- KIST Bank Ltd
- Nepal Credit and Commerce Bank Limited
- Citizens Bank International Limited
- Grand Bank Nepal Limited
- Commerz & Trust Bank Nepal Limited
- Century Commercial Bank Limited
Digital Wallets in Nepal.
Digital Wallets have become a mainstay on almost every smartphone in Nepal these days. Since COVID-19 forced lockdown, digital wallets have surged even further in popularity. No long queues and wait, just launch your app, and within some clicks, you will pay your internet, wifi bills, or even wire funds to other accounts.
To accommodate the demands of the growing consumer base, many firms have established their own version of digital wallets offering an array of features with intuitive simplistic design to facilitate payment of the go. While some of them are eminent, some are still growing through their ranks.
What are Digital Wallets?
Before going in any further, let’s briefly discuss what a “digital wallet” is. Also known as a “mobile wallet” or an “e-wallet”, it is an online service or system that stores one’s payment information, which can then be used at times of making an electronic transaction. You can make such transactions via the internet, SMS, or a mobile app, after following simple steps for registration. Among the options available, I’m sure the unanimous vote for the most convenient method goes to the mobile app.
And while international online payment platforms like Google Pay, Samsung Pay, Facebook Pay, etc. are non-existent in Nepal (also whatever happened to AliPay officially operating in the country?), their absence has been more than sufficiently supplemented by multiple digital wallets or other similar recourses from local fintech companies.
List of digital Wallet services provided by agencies in Nepal.
- eSewa
- Khalti
- IME Pay
- PrabhuPay
- EnetPay
- PayWell
- Moru
- CG Pay
- CellPay
- QPay
- ICash Nepal
- D-Paisa
Mobile Banking Apps VS Digital Wallets:
The core differences:
1. A mobile banking app is simply a more convenient point of entry to your already existing bank account. It gives you an overview of your bank balance and allows you to do banking operations such as wire transfers and sometimes payment of your utility bills. It may or may not allow your phone to be used as a NFC device for contactless payments.
A digital wallet on the other hand is an alternative of your physical wallet. It can be funded through your bank account. In fact, you can connect all your existing debit or credit cards to a digital wallet and transfer money to it instantly with the tap of a button. Most digital wallets, let you use your phone every time you want to make a payment offline and even online.
2.A mobile wallet is independent of the bank tender and mobile operator. mobile wallets provide an independent option with the flexibility to pay when you want, where you want. A mobile bank allows you pay your bills, pay off your credit card or set up automated payments for the services you use every day.
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