Credit Card Bills: Customers can link their credit cards to their bank accounts via these applications to pay their monthly credit card dues. This service comes useful as the payment can be made easily without the hassle of dropping a cheque into the drop box everytime.

These smartphone apps also provide facilities like locating branches or nearest ATM, a catalogue of discounts, mobile shopping, etc. Then there are a few multi platform applications also offering Demat facilities if linked with the account.

Security Concerns

The level of security with these applications is expected to be quite decent given the fat that they work only on mobile phone numbers registered with the bank.

To run the application for the first time, a one time registration of the mobile device is needed. The process includes receiving One Time Authentication Code (OTAC) from the server end, which would only be sent to the registered mobile number. The process is followed by choosing a 6 digit mobile personal identification number (mPIN), which is used every time to run the application and make a transaction.

To add an account, the application also requires the user to add full bank account number, debit card number, expiry date, to make it more secure. Once the account is added, any of the services can be availed using the mPIN every time the transaction has to take place.