It has been seen that there has been a huge rise in the use of digital money in the past few years. This has taken place because of the evolution of the skyrocket technology. This advancement in technology has given rise to the development of the money transfer apps like Paytm app, PayPal, Azimo, Venmo, etc. These apps act as a one stop and effective solution for storing, sending and receiving money by making use of their phone. This has however reduced the need for physical banks.
Advantages of Money transfer app:
There are several advantages of making use of a money transfer app. Some of the advantages are mentioned below:
- Cheap: It is believed that making use of a mobile phone for money transfer avoids high exchange rates of banks. The money transfer done using these apps is highly cost effective. Also, one is not required to pay any additional charges for getting this transfer processed.
- Secured: The money sent or received using a mobile money transfer app is very secured and safe. This is because; these apps are bound to fingerprint or touch for authentication as well as identification of oneself.
- Pervasive: These apps cannot only be used for making a money transfer, but, they can also be used for making a mobile recharge, checking of account balances, reviewing his/her current transaction, payment of bills, payment for food delivery, etc.
- Accessible: A money transfer app is remotely accessible and is supportive for 24×7. It can be accessed anytime and from anywhere in the world.
- Time saving: It is a matter of fact that the only thing that matters for a person is convenience. One can make use of money transfer apps for sending money to their near and dear ones without even looking for cash from ATM’s and then going to send them. One can get this transfer processed in the shortest possible time, if one has a strong internet connection.
- Helps to keep a track record for the money transferred: Onecan keep a track record for the money transferred by him/her by using a money transfer app.
How are the money transfer apps bringing changes to the ecosystem?
It is said that the money transfer apps have been created with an ultimate aim of transferring money in a safer, secured, simple and affordable manner. The money transfer apps have collaborated with some of the financial institutions in the world. In association with them, they are looking for a convenient way to send their hard-earned money to their family or friends. Some of these apps are offering their users with remittance services. This helps them to manage their accounts and transfer money to their near and dear ones. These apps act as a reliable solution for transferring money to one’s e-wallet or bank account. These apps facilitate their users with a comprehensive range of payment services for both merchants as well as customers, so as to make payments using debit cards, credit cards, net banking, etc.