Question

Discuss "m-banking" and "m-payments" as they pertain to business and give your personal opinion on the benefits?

Answer 1

The mobile phone becomes an essential part of humankind all over the world. There are several technological initiatives invented for people who are using androids and I phones. The term M- banking and M- payment denote mobile banking and mobile payment application, respectively.
Mobile banking is the result of the technological advancement of various banking and financial sectors, which promotes their transaction facility through smart phones for their customers. People can efficiently operate their banking formalities, procedures, and multiple investments through android applications. With the help of mobile banking, customers can easily monitor their banking and other financial accounts. Mobile banking also helps people to invest their shares into the stock markets through Demat accounts. There are certain risks associated with the cellular banking process. Most mobile banking uses a cloud system that indicates the involvement of third parties. As a result, a question mark arises on the security and safety of the banking accounts. There are specific threats associated with mobile banking due to the growing number of cyber crimes and cyber security hacking systems.
Mobile payment is a process of paying money for any services at any product. With the mobile payment facility, various e-commerce sections rapidly increase their profits and sales. A mobile payment facility can be used to send money to others. Pay tm, PayPal, Google pay are a few examples of mobile payment. Many banks have adopted mobile payment technology. It directly connects the customer’s account with the e-commerce sites for making the payment. An increasing number of cyber hacking has become a severe threat to mobile payment procedures. Several fake third party payment sites use applications to hack customer’s banking accounts and grab all the monetary assets.