What Is Mobile Banking In Bangladesh & How To Work

At present, mobile banking is becoming very popular for financial transactions in Bangladesh. People of all professions and ages are adapting to this mobile banking service. Although it is a little expensive, people are accepting this service to get the service in their local area.

The biggest thing is that the minimum amount of money can be transacted through mobile banking instantly. At present, the people of Bangladesh have started using mobile banking services for any purpose including car rental from the price of rice pulses, shopping, buying train tickets,s, etc.

What is Mobile Banking Service?

Mobile banking services are a part of mobile financial services. Mobile banking is a service that allows customers to conduct financial transactions using a mobile device, such as a smartphone or tablet. Mobile banking can include a wide range of activities, such as checking account balances, transferring funds between accounts, paying bills, and receiving alerts about account activity.

History of mobile banking in Bangladesh?

The history of mobile banking in Bangladesh can be traced back to 2010 when the first mobile banking service was launched by the country’s leading bank company city bank was launched a mobile banking company called city wallet.

But Bkash and rocket first start a journey and achieved their goal. These two company captures above 80% mobile banking market in Bangladesh. Since then, a number of other banks have followed suit and launched their own mobile banking services. The Bangladeshi government has also been supportive of mobile banking services.

How to Open a Mobile Bank Account?

there are two ways to open a mobile banking account, such as

1. Download the mobile banking company app and follow their information to make it easy and faster.

2. By visiting the nearest mobile banking agent shop and opening an account for free.

Mobile banking Account opening process in Bangladesh

1. Download a mobile banking app from your bank‘s website or the App Store.
2. Open the app and enter your Bangladesh phone number.
3. Enter the verification code that you‘ll receive via SMS.

4. Choose a username and password for your account.
5. Start using the app to check your account balance, transfer money, pay bills, and more.

How Many Mobile banking users in Bangladesh

The number of mobile banking users in Bangladesh has increased rapidly since the country‘s lockdown began in March to April 2020. In January 2020, there were 80 million registered mobile banking accounts. Which rose sharply to 95 million by January 2022.

Mobile banking service companies’ operation

Money transfer without bank
Receipt remittance
Utility bill pay service

Mobile recharge
Add money
Merchant pay

Recently added savings service
Customer to customer send money
Customer to agent cash in and cash out

Shopping payments
Ticket payments

Difference between mobile banking and internet banking

MOBILE BANKING

Can be accessed anywhere at any time

More convenient
It- Easy to make transactions anywhere
Can be used to check account balances

Can be used to transfer funds

INTERNET BANKING

Can be accessed from a computer or laptop
Maybe less convenient

Can be used to make transactions from home
Can be used to check account balances
Can be used to transfer funds

Prospects of mobile banking in Bangladesh

The prospects of mobile banking in Bangladesh are very strong. The country has a large amount of population, a growing economy, and a large number of smart mobile phone active users. The Bangladeshi government has been supported and influenced by mobile banking services companies. Most banks have launched their own mobile banking services.

Advantages and disadvantages of mobile banking in Bangladesh

Advantages:

1. Mobile banking is a convenient way for the bank, allowing customers to conduct financial transactions anywhere at any time.

2. Mobile banking is often faster and more efficient than traditional banking, as customers can use their mobile devices to quickly and easily transfer funds, make payments, and check account balances.

3. Mobile banking is often more secure than traditional banking, as customers can set up PIN codes and other security measures to protect their accounts.

4. Mobile banking can help customers save time and money, as they can avoid making trips to the bank or paying ATM fees.

5. Mobile banking can also help customers stay organized and keep track of their finances, as they can view all of their account information in one place.

Disadvantages:

1. Mobile banking can be less secure than traditional banking, as mobile devices are often lost or stolen.

2. Mobile banking can be susceptible to hacking and other cyber security threats.

3. Mobile banking can be expensive, as customers may need to pay for data plans or other fees to use the service.

4. Mobile banking can be unreliable, as service outages or other technical problems can prevent customers from accessing their accounts.

5. Mobile banking can be intrusive, as some banks may send customers marketing messages or other information that they do not want to receive.

How many mobile banking companies are in Bangladesh?

20 reasons Why is mobile banking becoming popular day by day?

1. It is convenient – you can bank anywhere, anytime.
2. It is fast – you can check your account balance, transfer funds and make payments quickly and easily.
3. It is safe – mobile banking is usually very secure, with advanced encryption and security features.

4. It is affordable – many mobile banking services are free or have very low fees.
5. It is easy to use – most mobile banking apps are user–friendly and simple to navigate.
6. It offers a wide range of features – from checking your account balance to paying your bills, you can do everything you need with mobile banking.

7. It is available on a variety of platforms – whether you use an iPhone, Android, or Windows phone, there is a mobile banking app for you.
8. It is constantly improving – with new features and updates being released all the time, mobile banking is only getting better.
9. It is becoming more widespread – more and more banks and financial institutions are offering mobile banking services.

10. It is the future of banking – as more and more people adopt mobile devices, mobile banking is set to become the norm.
11. minimum transaction limit
12. easy to use

13. can be used anywhere
14. available in many languages
15. helps you keep track of your finances

16. can be used to pay bills
17. can be used to transfer money
18. can be used to find ATMs

19. can be used to get account balances
20. can be used to get mini–statements

Final Verdict

Every product or service has its pros and cons. Although the mobile banking service is popular in all respects, people are still angry about its cost. If the cost is reduced a little, people will be more interested in using mobile banks as an alternative to banking.