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