A recent study estimated that 79 million adult use online payment services. This is a 24 percent increase over the previous year, according to market research company eMarketer. Why? Because sending money online has never been easier, cheaper and more efficient. Thanks to tons of free apps and minimal fees. These apps make it a lot easier than going to the bank to get cash. In addition, it has never been safe because companies make huge efforts and spend millions of dollars to save your financial identity. The best part though, is convenience. You don’t have to go to the bank’s ATM, try to avoid fees, break dinner changes, and no longer worry about having cash.
Most people are already familiar with PayPal PYPL. Because it is nearly longer than most other money transfer apps, PayPal has an extensive network of countries you can send to and it is secure. However, you get this sense of security for the price. The us for debit or credit transfers within, PayPal deducts 2.9% of transactions with a 30% charge. Sending internationally? With a 2.9% reduction, shipping to Canada or Europe is $ 2.99, while other countries are $ 4.99. The prescribed fee varies from country to country. PayPal is a great pick for sending money to more remote areas that you might not otherwise have access to. PayPal is one of the oldest money transfer applications available. Although receiving and sending money can take longer, you can use PayPal to shop at various establishments, and it is able to deal with international transfers. It is free to send and receive money to friends and family.
As their part of the Google ecosystem they have grown their user base really quickly, despite being a late entrant. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone – all through UPI and directly from your bank account. Since Google Pay works with your existing bank account, that means your money is safe with your bank. There is no need to worry about reloading the wallet and you do not need to do additional KYC – which is required for all other apps. You can also earn scratch cards and other rewards, along with a cashback that is transferred directly to your bank account.
Paytm is the most used app in the entire country. One part of Noida-based One 97 Communications offers tons of facilities. Users can transfer money from wallet to wallet or can also choose to use the UPI option with the bank. The company has also introduced Paytm Payments Bank which allows users to open a savings account along with Paytm. The application is widely accepted and is one of the most popular applications.
From UPI payment to mobile / DTH recharge, transferring money for online bill payment, you can do all this and use the PhonePe app. Registered users can send and receive money from their friends and family and, using this cash transfer app, can transact in INR per transaction (24 * 7) – anytime, anywhere. You also get to check your account balance, save beneficiaries, and manage multiple bank accounts, in addition to receiving refunds and cashbacks to your bank account in an instant.
Like OFX, Transfer Wise is an ideal pick for those who want to transfer money internationally to family, friends or businesses. They have a shorter list of countries around the world than OFX and a short transfer time of one to three days. However, their transaction fees are minimal compared to banks – currently 0.7% – and their currency conversion rate is guaranteed up to 29 hours. Their distinct advantage over OFX is the lack of minimum transfers, allowing you to send small amounts of money when needed.