What is Net Banking and Mobile Banking? what are difference between Net Banking and Mobile Banking?

What is Net Banking?

Online banking, also known as internet banking, it is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.

What is Mobile Banking?

Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smart phone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis.

Difference between Mobile banking and Internet banking

Although the purpose of both the facilities is same but the functionality differs. Mobile banking can be operated from any mobile, even the most basic one (through SMS). In smart phones mobile banking can be operated through GPRS and/or SMS. Fund transferred (NEFT) through mobile banking takes less time (as you do not have to register the beneficiary). But it can be operated only through registered mobile (mobile no. registered with the bank. It is SMS based as well as app based.

Internet banking must needs internet connection. Unlike mobile banking it can be operated through computers also.it use to transfer funds through net banking & you have to register the beneficiary which takes some time ranging 2 to 12 working hrs. However, both can be used to transfer funds, know your balance, stop cheque payment, recharge mobile top-ups etc. For both the facilities you have to get mobile banking or internet banking kit from your bank branch with which you have your account.