Question

In recent times, a software application has been developed that securely stores digital money and personal data of the user, thereby allowing seamless transaction of electronic funds. What mode of digital banking has been referred to above?

Hint:

Mobile banking and digital wallets have revolutionized the way people handle transactions, making payments fast, secure, and convenient through smartphones.

Answer 1

The mode of digital banking referred to above is
Mobile Banking or
Digital Wallet. These are applications that securely store digital money and personal data of the user, allowing for the seamless transaction of funds. Through mobile banking apps or digital wallet services like Google Pay, Apple Pay, or Paytm, users can transfer, receive, and manage their electronic funds safely and efficiently.