Internet Banking | What is NEFT and RTGS | Mobile Wallet & Mobile Banking | Types Of Mobile wallet or Apps ||

Internet Banking
        Such of system allows setting up of various access levels for specific user groups and controlling the authorization levels and transaction limits, as assigned to various employees of your company.

National Electronic Funds Transfer (NEFT)

• It is a nation wide system that facilities individuals, firms and corporate to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
• Even such individuals, firms or corporate who do not have a Bank account can also deposit cash at the NEFT enabled branch with instructions to transfer funds using NEFT.
• There is not limit either minimum or maximum on the amount of funds that could be transferred using NEFT.

 Real Time Gross Settlement System (RTGS)

• RTGS system is a funds transfer mechanism for transfer of money from one bank to another on a 'real time' and on 'gross basis'.
• This is the fastest possible money transfer system through the banking channel.
• Settlement is 'real time' means payment transaction is not subject to any waiting period. The transaction are settled as soon as they are processed. 'Gross settlement' means the transaction is settled on one to one basis without bunching with any other transactions.
• The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted throught RTGS is Rs. 2 Lakh. There is no upper ceiling for RTGS transaction.

Bank On Your Mobile Banking 

        Mobile banking is a way for the customer to perform banking actions on his or her cell phone or other mobile device. It is a quite popular method of banking that fits in well with a busy, technologically oriented lifestyles. It might also be referred to as M-banking  or SMS banking. The amount of banking you are able to do on your cellphones varies depending on the banking institution you use. Some banks offer only the option of text alerts, which are messages sent to your cell phone that alert you to activity on your account such as deposit, withdrawals, and ATM or credit card use. This is the most basic type of mobile banking.

        A more involved type of mobile banking allows the user to log into his or her account from a cell phone, and then use the phone to make payments, check balances, transfer money between accounts, notify the bank of a lost or stolen credit card, stop payment on a check, receive a new PIN, or view a monthly statement, among other transactions. This type of banking in meant to be more convenient for the consumer than having to physically go into a bank, log on from their home computer, or make a phone call. While all of this is true, some are concerned about the security of mobile banking.

Mobile Wallet

        A mobile wallet is a way to carry your credit card or debit card information in a digital form on your mobile device. Instead of using your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smartwatch. 

How mobile wallets work

• Download the mobile wallet app (or it may be already built into your mobile device).
• Add your credit card or debit card information to the mobile wallet.
• When you check out at participating merchants, access the mobile wallet and choose your card.
• If you're making an in-store purchase, just hold your mobile device at the terminal.

Mobile wallet security

        Before you use a mobile wallet service, look into what security measures the wallet provides to help protect your card information. With some mobile wallets your full card number in not visible to merchants when you make a purchase. Some mobile wallets also have a way to disable the service if your card or mobile device is lost or stolen. List of some important mobile wallet-

• ParTM Available
• Mobikwik
• ICICI - Pockets
• Oxigen Wallets Jio Money
• PayZapp
• PayUMoney
• AirtelMoney
• Citrus Cash
• HotRemit
• PhonePe wallet
• Icash
• Idea Money
• Ongo
• Itz cash card LTD
• Etran Wallet
• mRupee
• Mpurse wallet
• Muthoot wallet
• MOM wallet
• Paymate wallet
• MoboMoney
• UDIO wallet
• Zipcas