One of the top leading banks of the country – Axis bank has reported that number of banking transactions from mobile phones is increasing rapidly. Almost everyone today uses a smart phone therefore maximum people prefers using mobile facilities to carry out banking operations. With the growing pace of internet usage and mobile connectivity in the urban areas people are making maximum of banking from their mobile phones.
Banking transactions are shifting from ATMs to mobile phones. The data has also shown that usage of mobile and net banking has increased from 15 to 30% and on the other hand the role and usage of ATM has reduced to half. Transactions through mobiles are growing at the pace of about 4-5 times every month.