A pandemic is one of the most serious public health concerns. The infection rate could escalate quickly, resulting in the need to take the right measures to prevent its spread. You can do this through mobile banking.
In India, the government imposed a 21-day nationwide lockdown, along with calls for social distancing. This prevents people from going outdoors when not necessary. In fact, it is only smart to remain indoors to minimize the chances of contracting the virus.
However, money matters don’t stop even in the middle of such public health concerns. This is where mobile banking enters. Wondering how this service could help? Continue reading to learn more.
What Is Mobile Banking?
Before we proceed with the perks of mobile banking during a pandemic, it is important to know what exactly this service is.
From its name, it is easy to understand that this is a service offered by banks or other financial companies to let clients do their banking through mobile devices.
This includes making transactions and money transfers using just your mobile device and an internet connection. This is possible by downloading an application specifically developed by the financial institution.
Why Mobile Banking Is Important During A Health Pandemic
Now that you know what exactly this service is, you might be curious as to why it is useful during a health pandemic. To understand its importance, here are some of the perks of mobile banking during these trying times.
Helps Observe Social Distancing And Quarantine Rules
Lockdowns, quarantines, and social distancing are imposed in order to limit the possibility of people contracting the virus and to flatten the curve. This comes with the intention to conduct mass testing as the Delhi government has already ordered 1 lakh rapid test kits.
To comply with such rules, residents are required to find ways to continue with their financial matters without going outside. Digital transactions are the best way to do so as you only need to download the app to make transactions.
Allows Clients To Send And Receive Money
Individuals who work from home and those who are not able to go to work but are expecting to receive their salaries can check whether they have received money using their bank’s app. This also lets employers pay their workers’ salaries.
For people who have not been able to go back to their hometown due to the lockdown, this service can help them send money to their loved ones without going to remittance centers. Similarly, recipients can immediately use the money using the app.
Lets Customers Pay Their Dues On Time
Some landlords in India have granted renters grace periods to alleviate the financial burden of citizens whose economic lives were affected by the pandemic. Services have also provided such considerations. However, not all establishments have done so.
Because of this, some still worry about going out and paying their bills. However, a lot of mobile bank apps allow users to pay bills using their service. This way, consumers do not have to go to payment centers to pay their dues.
This is also beneficial to individuals who like to keep their bills payments up-to-date. After all, they may enjoy the grace period for this month but they still have to pay their bills after the consideration.
If you opt to pay despite the grace period, mobile banking is the key.
Banks Are Closed
According to reports, the pandemic has resulted in the halting of Indian banking services. Individuals who need to do their banking can not do so by branch visits. However, you can certainly see whether your bank’s app can help you.
As mentioned, money transfers and bills payment are still functional, highlighting the perks of mobile banking during this public health concern.
The Bottom Line
Mobile banking has become an essential service for many people, even without a pandemic. Knowing how useful this could be during such situations, those who have not yet activated their mobile access to their bank accounts should definitely set up theirs as soon as possible.
This way, you can stay indoors without worrying about access to money and paying bills.