How Money Transfer App Works?

Posted by Christina James on December 31st, 2020

Online money transfer has become so popular these days that people have almost stopped taking cash with them. Instant money transfer is possible with these apps, and the facility is available with almost every store and every person. The money transfer apps have captured the hearts of people real quick. It has made going cashless a reality, yeah you don't have to carry money now. Almost all banks have money transfer apps now.

Another significant advantage is you can pay your bills using these apps. They even remind you to pay bills on time. Money transfer apps are the modern version of old school wiring of money. It has made the lives of people more comfortable.

How does it work?

We have all wondered how money transfer happens so quickly. Within a few clicks, you can send your money to the person next to you or even in the next city. With money transfer apps, you send money or more specific data equivalent to money to the other person's account. 

To transfer the money, you need information about the person, the person's name or mobile number or email address. All you need is a smartphone or a laptop with a stable internet connection to send the money. You don't have to go to the bank for the transfer. 

Top money transfer apps

There are many money transfer apps available now. You can also create money with mobile apps. The following the popular ones of current times:

Paytm

Paytm is one of the most popular money transfer apps available now. It is the country' largest digital wallet and the best one right now. It helps in the seamless transfer of money to bank accounts or digital wallets. You can make the payment through credit cards and debit cards also. It also has provisions to pay utility bills, mobile recharging, and shopping.

PhonePe

With PhonePe, you can send and receive money anytime, anywhere. The transaction limit is 1 lakh per transaction. PhonePe also offers to pay your bills, recharges and shopping. With the app, you can also check your account balance and also maintain multiple bank accounts. Refunds and cash backs are other perks of PhonePe.

Ola Money

It is another mobile app that helps you transfer money online. It also has features like online mobile recharge, shopping, bill payments and more. It allows instant cash transfer to people anywhere anytime. The service is available 24*7; you can transfer money any time you wish. You can also send money from your mobile wallet to your bank account. 

PayPal

It is one of the world's most popular and favourite mobile transfer applications. All you have to do is register on the site, link your PayPal account to your bank account, and start transferring money. It allows you to send money from the wallet to your bank account. PayPal is known for its security features. It is protected by advanced encryption and 24*7 fraud monitoring without exposing your financial information.

Buddy (by SBI)

It is the first Indian online payment app to support 13 languages. It has features like recharging, ticket booking, bill payment, and shopping. It has a feature to send money registers and new users. It can also send reminders to the transfer money to the users. So payment settlement becomes very easy with Buddy.

Airtel Money

With Airtel Money, you need a virtual payment address (VPA) and mpin to make your transactions. Airtel Money claims to be the first digital payment system to integrate with UPI. It can transfer money within bank accounts. You don't have to share the beneficiary's account details with Airtel Money.

Mobikwik

It is another free mobile payment app; it gives you the best discounts and cash backs. It is also available throughout 24 hours. You can pay bills, pay your EMI, do phone recharge, book your ticket etc. It is a very secure platform for money transfer. It is available for both Android and iOS. 

PayZapp

PayZapp was launched by HDFC Bank, India's largest private sector bank. With PayZapp you can send money to anyone in your contact list or send money to bank accounts. You can also link your debit credit or debit cards to make the payments. HDFC has an e-commerce platform known as SmartBuy; you can get amazing discounts and offers on this platform using PayZapp.

Final Thoughts

Money transfer apps have made our lives a lot easier; you can now send money quickly, faster with more security. You don't have to worry about missing cheques or money orders. The online money transfer apps have made shopping and booking tickets also a lot easier. As these apps are getting more popular, the mobile wallet app development is becoming more prominent. More companies are focussing on developing money transfer apps with improved features and security. Almost all banks have internet banking and online money transfer facilities now. You can even send money to people with bank accounts with another bank. People have become more open to changes and willing to give technology a chance.