What Is The Benefit Of Using A Money Transfer App To Transfer Funds?

Posted by Arjit Chalmela on October 7th, 2019

With the advent of smartphones, there has been a rise in the number of money transfer apps that people can use for fund transfers. These apps may include bank money transfer app, wallet based apps, UPI based apps, all of which help to send money online instantly. The increased penetration of the internet and our fast money transfer app based lifestyles have made it easier to use apps to send money online instantly.

The increased usage of these apps has made it possible to shift to online modes of fund transfers. These modes have obvious benefits over using offline modes.

Here are the benefits of using a money transfer app to send funds:

  1. Convenience:

The biggest reason to use best money transfer app to make payments is the convenience involved. There is no need to issue a cheque, meet the person and hand it over. It can simply be done online. With best money transfer app for UPI, transfers can even be done after banking hours. 

  1. Authentication:

All these modes to send money online instantly use some form of authentication or even double authentication to ensure the transaction has been done by the authorized person. Some phones have a fingerprint authentication to use financial apps and on setting this type of authentication, the app cannot be used even if the phone is misplaced. 

  1. Secure:

Using a bank to bank money transfer app is also quite secure. Using cheques or demand drafts is always risky, especially when it comes to bearer cheques. However, with online transfers, there is an element of safety since the money transfer apps use a form of authentication for login and before sending money. 

  1. Mobility:

Using a money transfer app even trumps using internet banking since internet banking presupposes the use of a stable internet connection and a laptop or desktop. On the other hand, using a best money transfer app makes the sender completely mobile since the app can be used from anywhere with a mobile and a data connection. 

  1. Low cost:

The cost of transferring funds using a mobile money transfer app is quite low. UPI transfers are currently done free of cost. The cost for NEFT and RTGS has also been slashed by the RBI to promote the use of digital payments in the country.

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Arjit Chalmela

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Arjit Chalmela
Joined: June 27th, 2019
Articles Posted: 25

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