Contactless Payment System in India: A Study of Mobile Banking

Author:Pragya Agarwala*, Divya Jainb

Abstract:
In last two decades drastic changes have been observed in the financial services. Customers are continuously changing mode of services from manual banking to ATM banking to mobile banking. This mode of transaction attracted customers remarkably with high acceptance. Mobile banking is more beneficial in comparison to other banking modes it is less time consuming and cost effective too. So, mobile banking is becoming increasingly popular day-by-day. As a result of high profitability many non-bank players are entered in this region with innovative payment system and many network operators like Vodafone, Airtel, reliance etc have developed various payment services and spread mobile banking across the world. This contactless payment system has its own significance in online business. Present paper evaluates the significance of mobile banking in current scenario of banking along with its hurdles.

Keywords:Key Words: Mobile Banking, Transactions, Payment, ATM, Internet Banking.

DOI:

International Journal of Trade & Commerce (Vol: 5 Issue:2)