5 reasons why internet banking is gaining popularity among money transfer apps

Posted by neha sharma on May 29th, 2019

Money transfers are one aspect of the banking industry that have seen a rapid change over the years. From erstwhile cash transfers and payments for goods and services, we have moved to online fund transfers. It is even used for foreign transfers using international money transfer app.

Internet banking is a broad term that includes any type of fund transfer that happens electronically over a network. This includes mobile banking and even transfers made using a bank money transfer app. Since these apps use internet or data connections, they can be clubbed under the broad head of internet banking.

Internet banking, and specially money transfer app has gained immense popularity among customers. With the introduction of Unified Payments Interface (UPI), there is an explosion in the number of apps that allow a customer to send money online instantly.

Here are 5 reasons why internet banking is gaining popularity:

1. Convenient:

Internet banking in all its forms is extremely convenient. The customer can use a money transfer app and send money online instantly without doing anything else. Using an app means these transfers can happen even without a laptop or desktop to log into internet banking. There is no need to visit a bank branch to make fund transfers. Using apps saves time and effort.

2. Secure:

Internet banking is generally very secure. You require logins to use either mobile banking or other banking apps. Once the transaction is submitted, it is confirmed using a PIN, OTP or a mobile identifier in case of IMPS. This means no unauthorized person can use the account to make payments. However, it is recommended to not transact on unsecure public networks.

3. Timely national and international fund transfers:

Using internet banking i.e fund transfer websites and international money transfer apps, it is possible to send funds to any corner of the world instantly. The same goes for domestic transfers. Most of the money transfer app make the transaction happen immediately. This is a marked departure from the earlier transfers using cheques since cheques take 2-3 days in clearing.

4. Low cost:

All forms of transfer using internet banking are low cost. UPI is absolutely free of cost. NEFT, RTGS and IMPS have a low cost depending on the amount transferred. Transfers using international money transfer app has low costs and zero commissions. This helps reduce costs associated with the transfers. Especially when it comes to international transfers, the number of companies offering low cost transfers is high which means it is possible to send funds cheaply and fast.

5. Bill payments:

Internet banking and money transfer app allow customers to pay off their bills such as utility bills, telephone bills and even pay municipal taxes. This makes it very convenient to pay such bills instantly without any hassles.