What Is Online Bill Payment Through Mobile Banking Apps?
Online banking is a new revolution in the banking industry that has reformed the way banks work. It is a matter of a few minutes on your phone, and your account is set up. On the contrary, to open bank account the traditional way, visiting the bank, filling all the forms and submitting the required documents takes more time than anyone would like.
Online bill payments allow you to pay all your bills in one place without any hassle on your digital banking app. There are no limits to the number of tabs you can pay online. You can pay as many bills as you like and not worry about your limits getting over.
To pay your bills online, you need to first have an account with any bank of your choice. It could very well be a current account, or you can even open savings account and pay your bills from that account. You can set up your bill payments according to your convenience. There are provisions for you to pay the bill online, depending on your preference. There are three types of options for bill payment:
- Single Payments
Depending on your choice, you can pay bill online only once. It is a single payment, and you do not have to pay every month from your account if you choose to do so. It is a good option for bills that you do not have to pay monthly or the ones you pay once a year.
- Scheduled Payments
These payment options are meant for future payments. The ones that you can schedule now and they will automatically be paid on the date you set up. This option is useful when your bills are not due anytime soon, but you may not remember then. So you set up a future payment, and accordingly, the money will be deducted from your account, and you will receive a notification.
- Recurring Payments
For recurring payments, that is, monthly or quarterly. Your electricity bills, phone bills, car payments, etc. fall into this category. All your utility bill payments can be paid using this kind of payment method. You only have to set up the system, and the payment will automatically be made from your bank account. You no longer have to remember the due dates for every bill, every month.
Paying your bills online has a lot of advantages. Some of them are:
- You can make the payment anytime and anywhere without having to physically visit the payment centre to pay them.
- You can prevent any late fees that you may have to pay and pay your bills online.
- You do not have to remember the due dates for every single bill; the app does it for you.
- You can make all your payments in one go, all on your phone.
- Mobile bank accounts have a more secure system than traditional banks; nobody can make a payment without your knowledge.
- Multiple factor authentication system makes it extra safe so that nobody can access your account.