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Digital money transfers are definitely a revolutionary technology that have made it possible to move funds instantly from one place to another with more security, reliability and ease.
So, when we say that a further increase in the popularity of such money transfers is expected in the years to follow, it shouldn’t come as a surprise.
However, for those who are new to this side of the rapidly evolving industry, and the world, here are a few certain things that have guaranteed the growth of online money transfers over the last years.
Contents
1. Digital Money Transfers – They are Fast and Cheap
2. Safe To Way Store Money
3. Online Money Transfers Have Uncovered The Real Potential of Ecommerce Industry
1. Digital Money Transfers – They are Fast and Cheap
The effort that goes into moving funds physically from one bank account to another is chaotic let alone moving them to an international bank elsewhere, such as remittances to Latin America.
If you have to share money with a friend or a family member across the seas, you would want a reliable platform on both sides.
Mobile money transfer apps like PayPal, Cash App, Venmo, etc., have simplified the process and made it cost-effective too!
Let’s say that you have to send some funds from your Venmo account to a friend’s PayPal in an emergency. All you need to do is opt for instant transfer, and the money will be made available within minutes.
Moreover, the instant transfer would cost you just $1 additional charges or maybe a little more depending on the transfer amount.
On the other hand, if you are okay with the transfer taking up to 3 days, you can choose the standard mode of transfer, which would be completely FREE.
2. Safe To Way Store Money
More than 60% of financial transactions every day now depend on online platforms, mobile apps, or banking apps on the internet.
This brings us to another important question “Is our money safe?”
In all honesty, online banks have secured cash better than any other alternative. Instead of carrying paper money that can be easily lost (or even snatched), paying via debit card, credit card, or an app provides a sense of safety.
The worst that could happen is that you would lose your plastic ticket to all your funds. No problem! Cards can be deactivated quickly by contacting customer support service. Afterwards, you can apply for a new one mostly without additional charges.
Moreover, you don’t even need to have a bank account to make this work. Mobile apps like Cash App don’t require you to link an account. Instead, they act like mobile wallets where you can store your money and access it whenever needed.
3. Online Money Transfers Have Uncovered The Real Potential of Ecommerce Industry
Businesses for online merchants have bloomed ever since the introduction of digital payments. They are no longer restricted to clients who can pay in cash or international buyers that can not transfer funds for the purchase.
Since everything has been set to be virtual, online shopping can now proceed more smoothly.
Other than that, in-store purchases are also backed up by mobile payments. Leading stores like Target or Walmart take e-payments through mobile wallets, thereby reducing the hassle of buyers getting into long queues at the checkout.
There is a lot to support the growth of digital transactions. The security, convenience, and simplicity of the process are unmatched. So it won’t be a surprise if the numbers in the future exceed even what the analysts have predicted so far.
You may also like: The Basic Information About Payments And Transfers In The EU That Everyone Needs To Know
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