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2013-02-11 00:00:00TechnologyEnglishmobile banking apps for small businesses: Thanks to the rapid change and advancement of technology, the practice of handling and managing... roundup of mobile banking apps for small businesses

A roundup of mobile banking apps for small businesses

2 min read

Thanks to the rapid change and advancement of technology, the practice of handling and managing money has come a long way. Today, mobile banking (m-banking) has become a credible mode to transact for a large number of small businesses. A number of private and government banks have introduced mobile banking applications, as they compete for small business customers who demand more user friendly and convenient services on their handheld devices.

According to a recent report from the Reserve Bank of India (RBI), 13 million people used m-banking services in the fiscal 2012. 49 banks were involved in 25.6 million m-banking transactions that were valued at Rs.1,820 crores in the same period. Here’s a roundup of some of the popular mobile banking apps available for small businesses.

Banking apps:

Most of the banks these days offer smartphone apps that help you transfer funds, pay bills and attend to a range of your banking needs on the go. ICICI, State Bank, HDFC, Axis Bank, Kotak Mahindra and a few other banks provide various services on their dedicated banking apps. Since m-banking in India is still in a nascent stage, it is predicted to quickly evolve, with major players making their services.

Payment apps:

Transform your phone into a card machine using this type of app. You get a free app and free card reader to attach to your phone. Make your payments using your credit card on the go! Intuit GoPayment, makes credit card transactions on the go easy.

Money Managers:

These apps keep a tab on your financial accounts – “what goes in and what goes out.” These money management apps help you keep track of all your bank accounts, credit cards, loans and investments at one place. You would have to feed in relevant data for any accounts you want to include, and the app will track all your activity and balances in all those accounts. These apps even offer interactive pie charts based on your expenses. You can also set up a budget based on various categories and keep track of how well you stick to it and where you overspend.

Mobile wallets:

Mobile wallet is a relatively new concept of using ones handset as a financial tool with an electronic account held on a mobile phone that can be used to store, and transfer value. A number of services like Google Wallet, Airtel Money and Beam Wallet allow its users to load cash, store credit cards and debit cards on their mobile devices and spend it to pay utility bills and recharges, shop at merchant outlets, transact online etc. Vodafone’s “m-pesa” additionally allow customers to make cash deposits or withdrawals from designated outlets.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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