What Is Mobile Banking And How It Works?

What Is Mobile Banking And How It Works

Mobile Banking is a service that is popular among cardholders and mobile phone users. The system quickly informs cardholders about the state of the account, card transactions, the limit of available funds by transmitting data in the format of SMS messages. Mobile Banking is not only the prompt receipt of information but also the ability to block the card in case of its loss, which eliminates the need to call operators and explain the reasons for blocking. This is a great advantage for those who are on vacation or on a business trip abroad.

What does mobile banking allow you to do?

Mobile bank allows:

  • receive sms-messages about card transactions in real time;
  • find out the balance;
  • top up the account of your mobile phone, as well as the phone of loved ones;
  • block the card;
  • transfer funds from one account to another within the bank (including to the card of another person, subject to the execution of the corresponding order);
  • make payments to organizations that have entered into an agreement with the bank;
  • receive SMS notifications about transactions, passwords in Online Banking;
  • repay loans;
  • activate “Auto payment” service.

How to activate the service: 4 available ways

To activate the service, you can use several available methods. Moreover, the connection of the service will be free in all cases.

  1. Through a bank branch;
  2. At an ATM or terminal;
  3. Through Online Banking;
  4. By calling the bank hotline.

Disadvantages of Mobile Banking

Despite the huge number of obvious advantages of using Mobile Banking, this service still has certain disadvantages:

  1. The danger of fraudulent attacks. To prevent such situations, it is necessary to control the number to which you send commands, the number the reply messages received from, whether the card details are indicated in the reply messages of the bank and whether they correspond to the data of your card, etc .;
  2. In case of loss or theft of the phone, there is a need for urgent action to disable or block the Mobile Bank service, block your subscriber number with a mobile operator. In case of delay, fraudsters or simply unscrupulous persons can steal your money;
  3. Dependence on the mobile network. If there is no communication signal of the cellular operator or the absence of a mobile device, it is impossible to perform any operations with the accounts;
  4. Limitations on the number of transfers;
  5. Commissions for transfers to other areas;
  6. When using the mobile banking service, it is impossible to set personal logins and passwords.

How to use Mobile Banking

Basic rules for using Mobile Banking service:

  1. First of all, make sure that the SMS comes from a bank. Read the SMS messages carefully, especially the confirmation of the executed transactions;
  2. Avoid logging into your bank account from other people’s computers, tablets and phones. Use the principle of limited trust;
  3. Do not store important data in the phone memory, such as account password or PIN code for a card;
  4. If you sell or give your mobile phone to another person, do not forget to deactivate the banking application beforehand;
  5. Do not use the mobile app on public Wi-Fi networks. Use your home network only if it is well secured. In other places, it is better to use mobile internet;
  6. Do not share your data with anyone;
  7. Check your transaction history;
  8. Don’t trust mailing lists;
  9. Check site addresses;
  10. Check all the details;
  11. The most important thing is to determine the daily limits of operations (if your bank gives you such an opportunity).

If you still clicked on the link, entered your data or performed some other undesirable action, inform the bank about it immediately. The bank manager will either help you close your account, tell you how to update your password or suggest another way to protect your funds.

How to disable mobile banking via the Internet?

If a bank customer decided to stop using the service, he or she must come to the bank branch and sign an application to disable the service. Sometimes the use of the system is an additional option to the basic package of services under a bank service agreement for a current account and is provided to the organization free of charge. In this case, you can easily deactivate the service.


Mobile banking is a modern effective application that allows you to perform the main set of transactions on the current account, as well as receive operational information about its status. The application is effective mainly for small businesses, as it allows users to perform a limited number of operations and manage finances without being tied to a stationary workplace.

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