Have you ever asked yourself why many people pay their shopping or debtors using their phones? Well, those people know how sweet it is to transact with their phone. This article will help you to discover the advantages of paying by phone.
Paying by phone can be the “next big thing.” Nowadays, you see many people holding their phone in their hands to pay for purchases or meals.
Arguably, transacting with physical dollars and credit cards is becoming a forgotten story. This change has been brought about by the many advantages that mobile transactions are offering.
That said, let’s look at the seven must-know advantages.
We all agree that our phones are always on our pockets if not in the pulses. Regardless of where you are, you can reach out to your phone and make any payment that you wish.
In contrast, not every corner has a bank branch. You can be frustrated if you need some dollars to sort an urgent issue or buy something you’ve been looking for without success.
Using mobile banking Apps helps you to access your money 24/7 except when the mobile App is under maintenance or being updated. Isn’t that amazing?
Banks always strive to offer the best services to their customers. That’s why they monitor how you interact with their application.
Some people fear the security of mobile applications, not knowing that there are steps that they can take and make the security tighter.
Nowadays, banks offer more added security safety measures apart from just your username and password to access your mobile banking App. For instance, you can enroll in approved technologies like Multi-factor authentication that requires two or more people to confirm if you are the one doing the transaction.
Also, other banks will send you a verification code before transferring money above a certain amount. Unless you enter that code to your phone, the transaction won’t be completed. Your bank assumes that’s a suspicious transaction.
More securely, many phones and mobile banking nowadays come with fingerprint or face-recognition technologies. These technologies help you secure your digital account.
On using cash, you can lose it or encounter with thieves.It’s painful.
We all want things to happen now, if not yesterday. We want to save time. Paying by phone helps you to save your precious time.
Most of the mobile banking Apps offers you with mobile check deposit. You can deposit a check right at the comfort of your couch.
Many baking Apps are working tirelessly to ensure that their customers don’t think so much while making transactions. They allow you to optimize your money in the Apps as much as you want. You can move some to your savings account or any other desired place.
Most of the mobile payments charge less than credit and debit cards or withdrawing directly from an ATM. Some mobile banking apps don’t even charge any transaction fee. That’s economical, right?
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Easy to Control
Paying by phone is as easy as changing a channel on your TV usinga remote control. Is it a loan you want to pay? Is it a check you want to deposit? Do you want to send money to someone? It just happens anytime and anywhere by just pressing your phone.
The best part; the more the technology advances, the more controls are getting better and excellent.
Take an example with the Bank of America, Wells Fargo, and even Ally Bank. Their banking Apps are designed that you can turn on and off (like a switch) your credit or debit card if it’s stolen or goes missing. Such features assure you of excellent safety and eliminate panicking. Here, you don’t need to call your bank or any security institution.
Again, many people have enrolled in monthly subscriptions that deduct money automatically from their account. Paying by phones helps you to switch those subscriptions off when you’re not using them. For example, when you travel from the US to another Canada, you can switch it off.
Mobile banking also enables you to enroll in services such as low-balance or transactions-post alerts.
More advanced banking Apps allow you to enrollin transition alerts. These alerts notify you when traveling to remember to turn off your subscriptions.
Do you want to check your balance? You can look at it by a single click. Your balance will help you to budget your money correctly.
Paying by phone enables you to pay money to your friends or family memberseasily as long as you’re logged to your App.
Many banks have partnered with Zelle that enables you to pay money to someone or institution in minutes without using cash. If you have the phone number or email of the recipient, you can send the money.
Those banks that have not partnered with Zelle offer other cheap alternatives.
Once you sign up for the application, you don’t need to feed all the information every time you want to make payments. All you need is just to allow the payment.
Paying by phone helps you handle tasks quickly and ensure you control your money. However, not all mobile apps work well. Sometimes they can be frustrating. Surprisingly, even the best ones experience outage
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