Put your transactions on autopilot
Between a human resources job and a variety of hobbies, Mumbai-based Nibedita Ghosh, 26, has little spare time. So for all things time-taking and mundane, such as paying utility bills, she makes use of technology. Mobile payment | Electronic Clearing Service (ECS)india Updated: Aug 18, 2012 02:37 IST
Between a human resources job and a variety of hobbies, Mumbai-based Nibedita Ghosh, 26, has little spare time. So for all things time-taking and mundane, such as paying utility bills, she makes use of technology.
So her recurring mobile phone bill is now taken care of through two SMSes.
"I have given standing instructions to my bank. This way I don't have to bother about missing the last date," she says. One SMS alert from service provider tells her that the bill is generated and the other from bank confirms the transaction. Here are important technological wonders that will help you manage most of your transactions with greater ease and give you freedom from money chores.
ECS, through which banks transfer money electronically from your bank to a third party following an authorisation from you, is that powerful technological development that frees you from keeping a tab on deadlines. If you invest in mutual funds through a systematic investment plan every month or quarter, or have an equated monthly installment running, perhaps you know the drill already.
You can access your bank account using your mobile. You can download mobile applications made by banks for various types of phones and make payments using Internet banking. You can also access the website on your phone; the service provider throws up a mobile-friendly version. Some mobile payment gateways such as Paymate.com also help pay utility bills.