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Top 5 Reasons for the Growth of E-Banking in South-East Asia

December 15, 2020

E-banking or electronic banking is nothing, but banking done on the internet. The number of account holders who opt for e-banking payments in South-East Asia has been on a steady rise owing to a host of reasons. Some of these reasons include the quick transfer of money, immediate invoice transactions, options to make recurring payments automatically at the due time, ease of use, and reduced transactional costs.

Transfer Money, However Large the Amount, Instantly

Physical payments involve a considerable time gap between placing the order and the transfer of the funds. This time gap can prove to be risky, especially when larger amounts are involved, as there is always a possibility of theft. Moreover, physical payments require customers to walk around with large sums of money, which is not only inconvenient but also increases the risk of theft. Both of these issues are done away with by e-banking payments in South-East Asia. E-banking payments happen instantaneously; all one has to do is enter information like the account holder name and account number into which funds are to be transferred and the exact amount of the funds. A single click and the transaction get commenced. The funds transferred will be reflected in the accounts immediately. Thus, customers do not have to lug around money and put themselves at risk.

E-Banking Payments May be Made Anywhere

Another reason for the growing popularity of e-banking payments in South-East Asia is that e-banking payments can be made from anywhere. While earlier, e-banking can only be opened using a web browser, but now banks have started mobile applications, allowing customers to easily access their account.

E-Banking Helps Make Recurring Payments Without Fail

Recurring bills or fixed costs must always be met on time. Any delay in any fixed cost, be it the electricity bill, rent, or the Wi-Fi bill, could deprive you of one of these services. However, it could prove to be quite stressful to remember to pay these bills before the due date, every single time. Payment solutions offered in Malaysia, such as e-banking, lifts this burden off the user’s shoulders. Specific transactions can be marked as recurring bills with the specified amount, the date on which it is to be paid, and to whom it should be paid. Once these details are entered, the specified amounts will be automatically deducted on the date fixed, and one never has to worry about remembering to pay recurring bills.

Accounting Has Been Made Easy by E-Banking Payments

Accounting for funds transferred to and from an account can often prove to be time-consuming. However, with the advent of e-banking, the payment solution of Malaysia needs to maintain a record of every transaction made. Every transaction is automatically recorded and invoiced immediately. E-banking payments allow users to easily access data regarding all transactions with respect to a particular account. With e-banking, e-passbooks that record transactions are also available. E-passbooks are constantly updated and do not require customers to go to the bank to update the passbook. Data can be easily obtained anywhere through a device that is connected to the internet.

Lower Costs of Transactions

Providing for online banking is much cheaper than providing for physical banking. There is no need to physically assure the safety of funds and employing people to that end. This reduction in the cost of providing this service is reflected in the reduced costs attached to transactions.

If you are looking for additional details pertaining to e-banking payments in South-East Asia, get in touch with industry leaders.