Your mobile phone can manage a part of your financial life. Here are four important financial matters that you can tackle on the go using your cellphone.
This prepaid semi-closed instrument facility allows you to load money on your cellphone to make certain payments. You can load up to Rs 50,000; the limit was raised from Rs 5,000 by the Reserve Bank of India (RBI) last month.
You can pay utility bills, such as electricity, gas and water, mobile bills, cable or DTH subscription fee and insurance premiums. You can also purchase goods and services from registered vendors. However, this facility cannot be used to transfer money to another individual.
You can download the application from your bank or service provider’s website and get the wallet enabled on your mobile. According to RBI data, 34 out of 39 banks that got approval for mobile banking have started the service. Airtel Money is the first telecom provider to launch this facility.
Transfer money to another account
The National Payments Corporation of India has an inter-bank mobile payment service (IMPS), which enables savings account holders to transfer money to another account within the country through their mobile.
To avail the facility, yours and the beneficiary’s bank accounts should be linked to IMPS. Currently, 21 banks are linked to IMPS.
Tracking personal expenses
You can track your household expenditures on your mobile by using one of the many existing personal finance mobile applications. Most such applications come with predefined expense categories and payment method to make using it easy. Additionally, you can enter notes, date, place and currency information for a comprehensive overview. Most applications allow you to synchronize information with a portal. Some even have charts and graphs to compare expenses. Track Every Coin and iPersonal Expenses are two such applications.
Share trading on your phone
You can even trade in stocks while on the move. A number of brokerage firms provide this facility. Some basic things that customers can do are tracking live market levels, viewing intra-day charts, creating customized lists and viewing live stock quotes.
Some brokerages also enable buying and selling stocks. If you have an online trading account with the brokerage, along with buying and selling stocks, you may also be able to view your day’s position, track your portfolio performance real time, check order and trade reports, modify pending orders and check margin account balance.