What is E-banking?

E-banking or Internet banking indicates any person with an individual computer or a mobile phone and a browser with an internet connection can easily joined to his/her bank’s website, application, or portal to carry out any of the virtual banking roles. With the help of E-banking or internet banking people can handles their banking services easily from any place. They can easily transfer funds, operate their bank accounts, investments, cards, loans, insurances, and many more with banks with the help of e-banking. To operate internet banking customer needs to register himself/herself with the bank to avail the services of internet banking and then the user needs to set up a password and other details to verify the user. People can also use some third-party apps to accept or receive payments from bank accounts like Paytm, PhonePe, Google Pay, PayPal, etc. It encourages paperless or cashless transactions. In internet banking or e-banking method, every bank has integrated records that are web-enabled. All the services that the bank has allowed on the internet are shown on the Menu of the bank’s portals or applications. Any service can be picked and then the interaction as stated by the type of service.

Types of E-Banking services

  1. Internet Banking
  2. ATM
  3. Mobile Banking
  4. Credit Card
  5. Debit Card
  6. Point of Sale (POS)
  7. Electronic Data Interchange (EDI)
  8. Electronic Fund Transfer (EFT)

Benefits of Internet Banking

  • It provides 24/7 banking services to users.
  • Users are up to date with their bank accounts.
  • It is convenient and easy for the users as they don’t have to go to banks all time.
  • It is a secure way because users can avail their services with the PIN or an OTP which user received on their registered mobile number.
  • Consumers can easily pay their bills and recharge their phones easily without waiting in queues.

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