With the development of information technology, new technologies are entering the banking and financial sector. Electronic banking (e-banking) means a variety of financial services that a bank can provide to a customer without the direct contact of the bank and the customer with the help of an electronic machine. This includes ATMs, mobile phones, cards, internet banking and other devices. This type of technology enables customers to receive various information about the bank as well as other services such as to transfer money.
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Through this technology, information related to bank account, remittance of required amount, keeping and withdrawing required amount and other service facilities can also be obtained. At present, the use of these devices is increasing. These devices are also called electronic currency because they work as money. With the development of information technology, the circulation, use and equipment of electronic currency are increasing. Such tools have reduced the amount of money transactions and freed you from the hassle of having to carry money to make payments. Internet Banking has made it very convenient. Transactions and payments have become more secure and faster.
The various e-banking services that a bank provides are:
Automated Teller Machine (ATM) is a electronic outlet of bank which allows the customers to deposit and withdraw money. It also provides information about the status of the account along with balance inquiry. All banks in Nepal provide this facility to the customers. Himalayan Bank Limited introduced Automated Teller Machine (ATM) for the first time in Nepal in 1995.
A debit card, also known as a bank card or check card, is a type of plastic payment card. This card allows the user to withdraw cash from ATMs (automated teller machines) and pay for goods or services. So, it can also be called ‘electronic cheque’.
Nepal Arab Bank, now known as Nabil Bank, introduced credit cards in Nepal for the first time. Credit card enables the customer to purchase goods and services on credit up to a certain amount. The card has been developed for the purpose of spending now and paying later. The use of credit card has gained popularity in Nepal in recent years.
Internet banking is a service provided by a bank through the Internet. From this, customers will be able to get some of the facilities available from the bank through their own computer and mobile through internet. Customers can use the internet banking to view balances, view and print statements, request new check books, stop lost checks, online tax payment, online share trading, transfer of funds and pay various bills.
Kumari Bank Limited introduced the internet banking in Nepal in 2002.
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Banks and financial institutions have started mobile banking business to expand their business. Through mobile applications, bank account opening, depositing money, etc. can be done from the mobile. As mobile banking is available round the clock, its use has increased recently.
SMS banking is a form of mobile banking. Under this service, banks and financial institutions provide various information to their customers through SMS.
Laxmi Bank was the first bank in Nepal to introduce SMS Banking in the year 2004.
With Viber users in mind, some banks are offering Viber banking services. Through Viber Banking service, customers can easily get information about banking services from their mobiles, laptops, tablets, computers etc. With Viber Banking allows the customers to view the amount and statement in the account, get information about credit card, loan facility, term or fixed account and other services of the bank.
Multi Currency Card
Century Commercial Bank Limited has launched multi-currency card for the first time in Nepal in collaboration with Axis Bank of India. With this card, when going to 16 countries of the world, the currencies of those countries can be loaded on one card and taken away. This will make it easier for customers who are having problems with cash foreign exchange.
Online Bank Account
Most of the banks have now launched online bank accounts. Customers in Nepal and abroad can easily open an account through online banking. One can open this type of account with zero balance.
Branchless banking services are now very effective in Nepal. The branchless banking service is the banking service provided by the banks in remote and rural areas by using the employees of the bank as agents without their physical branch. Everest Bank had launched branchless banking service in Nepal.
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Interbank Electronic Payment System
It is a payment system operated by banks and financial institutions for the management of transactions made by customers from his/her account. Nepal Clearing House Limited has introduced this technology in Nepal.
POS machine allows the customers for cashless transactions. Such machines are kept in business centers. From there, customers can purchase goods and services using their debit or credit card. Its use has increased in daily consumer goods shops, department stores, large shopping malls, hotels, cinema halls, etc.
The banks and financial institutions (BFIs) provide this service through telephone. Under this, the customer can check the status of his/her account and make inquiry about the balance in the account. This saves you the hassle of going to the bank even for small business. Some banks are offering such services to customers.