Advances in technology and the development of the Internet are changing the way people transfer money. With all these technological developments, moving money is simpler than before. Earlier, transferring money meant a visit to the bank. But that is no longer needed as there are various technologies in play to make money transfer easy and convenient.
Alternative Payment Services: Several websites allow you to transfer money through email, eliminating the need to reveal your bank account and credit card information online. Although online transfers have wide online security and fraud-prevention measures, they are not foolproof. Complaints like phishing scams, hacked accounts and identity theft are quite common.
Banks: Banks are financial institutions which have existed for a very long time, established and often the most reliable way to save, store and exchange monetary values-especially if it involves large amounts. However, banking can cause a lot of money, and efforts in order to have a successful transaction, not everyone can afford to maintain and make transactions in a bank. Due to the rise of many other forms of financial institutions and technological advances, the common people and large accounts have wished their banking transactions to change.
Digital wallet: With the high rise in crimes related to robberies and theft, many of us wonder how much convenience it would be to walk around having a good amount of money in our pockets. It is not a hidden fact that some criminals are so desperate in their acts that they will go through any means to acquire however little that they do have. For people who are often engaged in monetary transactions-such as but not limited to buying and selling-this has become a big problem.
Send money online: With the recent improvements that financial institutions are initiating to be able to make their services better and provide customers with a variety of options, an online wallet solves this problem. Having your own capacity to send money whenever and however as long as you are able to connect to the internet and the servers of your chosen financial institution gives you the power to transact in your own terms. Additionally, this will give you more freedom and time to make transactions especially when an immediacy in the need arises.