• 3.1 Mobile Banking

Mobile banking is the most important and frequently used digital banking channel . It allows customers to perform a wide range of transactions through a smartphone or tablet app. Mobile banking is “the application of technology to banking services, enabling customers to access banking services through digital channels such as mobile apps and internet banking” .

Key capabilities include:

  • Account balance checking and transaction history

  • Fund transfers and bill payments

  • Mobile cheque deposit

  • Card management and blocking

  • Personal financial management tools

  • Loan applications and credit products 

3.2 Internet Banking (Online Banking)

Internet banking provides full-service banking through a web portal . It typically offers more comprehensive features than mobile apps, including:

  • Detailed account management and reporting

  • Investment and wealth management services

  • Loan applications and document uploads

  • Secure messaging with bank representatives

3.3 ATM Networks and POS Systems

Automated Teller Machines (ATMs) and Point-of-Sale (POS) systems represent the physical-digital interface of banking .

  • ATM Networks: Allow cash withdrawals, deposits, and balance inquiries at machines located across geographic areas.

  • POS Systems: Enable card payments at merchant locations, connecting the merchant’s system to the card network for authorisation and settlement .

3.4 Digital Wallets and Mobile Payments

Digital wallets store payment credentials and enable contactless payments. Key technologies include:

  • NFC (Near-Field Communication): Enables tap-and-pay contactless payments.

  • QR Codes: Enable payment initiation by scanning a code .

  • Tokenisation: Replaces card numbers with unique tokens for security.

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