How can a single app help in bill payment and money transfer?

How can a single app help in bill payment and money transfer?

Digital modes have made our hectic schedules involving time-consuming and other complicated transactions easy and faster with just a few clicks. Digital payments eliminate errors by managing debts simpler, speedier means of payments. There are dedicated apps that will help you pay bills or transfer money. These apps are all in one with all the features in one place. 

How to pay bills and transfer money through the app?

Paying bills through the app is quick and easy. You can find almost all the services in a single place, making it easy for you to navigate. 

Most money transfer apps will have sections for recharge and bills. MobiKwik, for instance, has all the services in its recharge and bill payment section. Starting from simple bills like mobile recharges to household bill payments like electricity, gas, broadbands, cable, etc. Not only this, but it also even provides you with insurance premium bill payment online.    

You can just click the required bill you need to pay and fill in the necessary details like your operator and consumer number when paying for electricity. It will allow you a comfortable mode of payment. Thus, you can pay or schedule these bills every month. 

It’s the same with transferring money; you can either transfer money to a wallet, bank, or just UPI.

You must complete the KYC according to RBI requirements; you can complete the process in a rather simple way in the app directly.

  1. Using your credit or debit cards, add money to your wallet in the MobiKwik app.
  2. Next, go to the ”Transfer money feature.
  3. You will find the “wallet to bank” option in the money section.
  4. Continue by entering the beneficiary’s name, acc number, and the IFSC code. 
  5. The amount sent will immediately reflect in your account.

Benefits of using apps-

There are many reasons to state, but you would know it when using the app. Jotting it down in the bulletin first, you have-

  • Transparency: There isn’t much transparency when you transfer money using the traditional method. The amount of fees isn’t known until the payment is made. Payment apps usually cancel that disadvantage; they provide all the necessary details associated with the transfer before the payment and maintain transparency.
  • Flexibility: These apps allow you freedom by letting you choose how you want to send your money and how the receiver accepts it. Transfers will vary depending on the place of residence of both the receiver and the sender. Such transfers will include debit, credit, bank transfers, etc. If not the mentioned options, you can directly send money to your recipient’s bank with the help of these apps. It also helps you to directly deposit money into mobile wallets, which can be used to buy products and offer other services. 
  • Simple: It saves your time. Rather than writing cheques, stamping cards, and organizing zillion papers, just an account in the app will save you from all these worries and is considerably easier. All your personal account information is wrapped up in one consolidated spot; you won’t have to waste time and energy looking for old invoices.

Protect yourself from scams

Digital transactions will always contain some element of risk. Over the last few years, phishing has been problematic for most users. The phishers use deceptive messages which will persuade you into disclosing your personal information.

Follow these steps below to ensure your account is protected:

  1. Keep checking your bank account on a regular basis and verify if no unusual activity is taking place. 
  2. Make sure your passwords, UPI pins, etc., are safe. Ensure security of your passwords by including upper and lower case and symbols. Change it after every 30-60 days.
  3. Keep an eye out for phishing. Remember, you won’t receive any call or message from the app which will ask for your personal bank details. In case of receiving such calls, file a complaint.