What makes a mobile app unique in the era of digital payments?

UPI (Unified Payments Interface) has significantly changed the financial habits of customers across India. Digital payments are now the new normal, and the volume share of UPI-based payments in India has crossed a whopping ₹12,35,846 crore in value. However, UPI payment apps are not just mobile apps that facilitate online payments, but much more! This article lists other features of mobile banking apps that make them unique in the era of digital payments.

  1. The ability to assume instant debt and foresee its repayment

Applying for a personal loan does not require you to visit a bank branch today. Mobile apps such as IDFC FIRST Bank’s mobile banking app allow customers to apply for “instant online personal loans” from the comfort of their homes. Not only can one benefit from increased accessibility to personal loans through a mobile app but can also conveniently repay the loan using it. Moreover, some mobile apps also offer EMI (Equated Monthly Instalment) calculators to help customers calculate the value of their future EMIs. IDFC FIRST Bank offers these calculators on its site.

  1. Improved security of transactions

The Reserve Bank of India (RBI) published a notification in the year 2021 titled “Digital payment security controls” underlining the importance of the security of a bank money transfer in the UPI age. Banks have followed this directive in their turn and provided higher security options through their mobile banking apps to secure online transactions. Improved security of transactions, therefore, is another unique feature of mobile banking apps.

  1. Tools to invest in varied securities

If you were to download any mobile banking app today and analyse its features, you will realise that it does not focus on only one banking service. Every banking service that can be accessed by a customer on visiting a bank branch is offered online today through mobile banking apps; be it investment-related, insurance-related, or loan-related.

  1. Various categories of digital payments

Digital payments through UPI payment apps have become quite the norm in today’s world. Banks have even gone further and introduced advanced features such as ‘Auto Pay’ and ‘Quick Pay’ to ease their customer’s banking tasks.

  1. Instant query redressal

The final unique characteristic of a mobile banking app is the increased accessibility it provides – not just to your credit cards, savings accounts, and personal loans, but also to customer service. IDFC FIRST Bank offers instant access to its customer service team through its mobile banking app. This helps customers resolve any banking-related problems they might be facing in a matter of minutes as opposed to following the tedious procedure of visiting a bank branch and requesting a resolution in person.

The above-mentioned five features of a mobile-banking app make it the best way to bank in India in 2023. The digital payment apps of today are redefining themselves as apps that can do more than merely act as modes of money transfer, and customers seem to have taken to this welcome change!

Recommended For You

About the Author: Rachel

Rachel Mitchell: A seasoned journalist turned blogger, Rachel provides insightful commentary and analysis on current affairs. Her blog is a go-to resource for those seeking an informed perspective on today's top news stories.

Leave a Reply

Your email address will not be published. Required fields are marked *