Banking: Latest Trends — Part 2: Mobile Banking, Cards and Digital Payments: visual lesson, ISC Class 12 Commerce

Lesson

Mobile Banking, Cards and Digital Payments

Part 2: banking on the phone, ATMs, debit and credit cards, and UPI and e-wallets.

In this lesson you will

State the services, advantages and disadvantages of mobile banking
Distinguish a debit card from a credit card and state the functions of ATMs
Explain the meaning of digital banking, UPI and e-wallets

Part 2 at a glance

Concept

Mobile banking

Table of mobile-banking services, advantages and disadvantages
Mobile banking	Points
Services	SMS alerts, balance enquiry, mini-statement, fund transfer, bill payment and recharge
Advantages	Banking in the pocket; instant alerts; reaches remote areas; saves time
Disadvantages	Lost phone risk; network problems; small screen; fraud calls and messages

Check your understanding

Quick check: the instant message

A customer gets a message within seconds of every debit, and spots a misuse. Which service helped?

Question: Multiple choice

Multiple choice1 mark

Aarav, an imagined shop assistant, gets an SMS within seconds whenever money is debited from his account. He once spotted a card misuse this way. Which mobile-banking service helped him?

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