Money Transfer Through Mobile


Presentation Description

This presentation is all about the online money transfer procedure through your mobile phone, which is more helpful in the current situation demonetisation.


Presentation Transcript

Most Popular Ways to Transfer Money Through Your Phone:

Most Popular Ways to Transfer Money Through Your Phone


Introduction : Before mobile technology came into being, the issue of transferring funds to another individual was a nerve-wracking task. You had two choices ahead of you-either give it to them in person or wait in never-ending bank queues and transfer it to their bank account by filling out challans. But as technology has vastly developed, transferring money to another person’s account is as simple as a clicking a few buttons.


In this presentation, you will learn about the three most popular ways you can use to transfer funds with the help of your phone.

1. The 'App' Way::

1. The 'App' Way: Using an app to make transactions is by far the most popular way among smartphone users. To send money through an app, you will need to first install your bank’s application on Google Play or the Apple app store.


Sending to an account : After the app is installed, you will need to log on to it with your Customer ID and Netbanking Password, which you will find in your welcome kit when you open the account. Once this is done, you will need to add the relevant person as a beneficiary, wherein you will have to provide the IFSC code and the bank account number . After this you can get ahead with sending the money right away. One thing you should note here is that not all banks let you transfer money right after you add the beneficiary as you may have to wait at least 12 hours for the details to check out.


Sending to the person: This process requires you to provide the receiver’s mobile number and MMID number and the transferable amount. instead of their account details

2. The 'SMS' Route::

2. The 'SMS' Route: Currently, transferring money is as simple as sending an SMS to the bank. However, to get started with this, you will need to be registered with the mobile banking service provided by your bank. To do that you should first link your cell phone number to your bank account, which would require a quick trip to the nearest bank branch or its ATM. The bank will ask you to send in an application after which you will receive a starter kit to your residential address. This kit will include your Mobile Number Identifier (MMID) and an mPIN which is the password.


Currently, there are two different ways to transfer money through SMS with the MMID: to an account and to the person directly. Below you will read what both of them entail. Sending money to an account : With this credential, you can send money anyone. The way to go about it is by composing an SMS and typing in the receiver’s account number, IFSC code, and the amount you want to send. Once you confirm the transaction by pressing okay, the money will be transferred immediately. You will also get confirmation of the same from the bank via SMS.


Sending to the person: There can often be instances where an individual is unwilling to provide their bank account details because of privacy concerns. In such cases, you will still be able the transfer money using SMS. The same procedure as the previous one follows too, however instead of the person’s account number you will need to type in their MMID.

3. The Phone Call Route::

3. The Phone Call Route: Despite this being the age of smartphone, there are still people who prefer using old school phones with no app support. There’s a way for people like these to transfer money to any individual’s account and it requires them to make a phone call. The number you would have to call is *99#, an Unstructured Supplementary Service Data (USSD) facility which connects you to the National Unified USSD mobile banking platform. You will be required to type in your MMID number after which you will be led to the IMPS option. Once there you will need to select fund transfer, and then type in the receiver’s phone and MMID numbers. The process will be completed after you type in the amount and your mPIN in quick succession.


Conclusion: Mobile payments have come as a boon for India, particularly because India is a hugely populous country and the idea of a billion people flocking the banks would bring the nation to a halt.

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