Do you want to send money quickly, affordably, and securely?
Online wallet apps are a popular way to transfer money to someone across the world.
It’s quicker and easier to use a digital payment app instead of visiting your bank. You can pay for your purchases in online shops, make subscription payments, or transfer funds from your account in minutes.
However, there are several other benefits of digital payment apps, so we will mention them in this post.
What you’re going to discover:
- Why Digital Payment Apps Are Increasing In Popularity
- The Huge Benefits Of Digital Wallet Apps
- How They Are Transforming International Transfers
- Digital Wallet Apps Security Measures That Keep You Money Safe
Why Digital Payment Apps Are Increasing In Popularity
Digital payment apps are gaining ground in this aspect
Recent research shows that 3.2 billion smartphone users will be using digital payment apps by 2025. That is almost half of the global population.
So why are people suddenly jumping into mobile payments?
Let me tell you about it. The fact is that customers are tired of banks, cash, and long processing times.
Digital payment apps solve all these issues in one click.
Let me share with you what makes them so popular in the markets.
- Instant transaction (no more waiting for days)
- Lower fees in comparison with traditional banks
- The interface is user-friendly
- Easy to use and available 24/7
- Track all of your expenses in one place.
And what is the best part is that you can use all of these benefits from anywhere in the world using only your smartphone. You don’t need to go to your local branch or stand in the queue.
The Huge Benefits Of Digital Wallet Apps
Let me tell you about the real benefits of using digital payment apps….
Incredible speed of transactions
Bank transfer may take 3-5 business days, while the process in the digital payment apps are instantaneous.
You can send money to your friends in seconds. The recipient will receive the money in no time. Imagine how great this feature is in emergency situations or when you need to pay a contractor as soon as possible.
Picture this:
Your friend needs to fix a flat tire, and you sent them money in a heartbeat. Your friend has the money before the towing truck even shows up. Imagine trying to do the same with a wire transfer.
Cheaper than traditional banks
Banks are well known for their unnecessary fees. Wire transfer fees, international fees, hidden processing fees. The list is endless, and it does not take long before those charges add up.
Digital payment apps are solving this by charging little to no fees. If you use a mobile app, you don’t have to visit the bank and pay the service charge.
Check out this example
Do you want to send money to Mexico from your bank account? With digital payment apps, you can save a ton of money in comparison with using a traditional method. The United States has sent 62,529 million dollars in remittances to Mexico. A big part of that money was transferred through digital payment apps.
Exceptionally Convenient
Think back to the time when you had to go to a bank to make a transfer. Those days are long gone now.
With the use of apps you can send money from your home, car, or even when you are on vacation. All you have to do is to have a mobile phone and internet connection.
Apps allow you to:
- Save the data of recipients for future use
- Create Recurring payments
- Split a check with your friends
- Ask for money from other people
- Access your transaction history
It’s the convenience times ten.
Better exchange rates
If you are going to make an international transfer, exchange rates play a significant role.
Banks exchange rates are one of the worst in the market. They make up their margins, and you as a customer end up losing out on some cash.
Apps are the total opposite because they have a small operating cost than traditional banks. The exchange rate they offer is better than what traditional banks are offering.
You will save some cash when you are transferring a considerable sum of money, and the benefits add up.
How They Are Transforming International Transfers
Sending money internationally used to be a tedious process. You had to visit the bank, fill up paper forms, wait for a few days for the transaction to be processed, and pay over the top fees. And I am not even mentioning the horrible exchange rates.
The digital payment apps have taken over this entire process.
Now, you can send money to any country worldwide in minutes. The costs of the transaction are transparent. Exchange rates are competitive. You can see all the stages of a transfer in real-time.
Let me tell you what’s behind this
International wire transfers are based on old technology. Payment apps on the other hand operate on a modern infrastructure that is faster and cheaper.
Apps are not dependent on third parties to conduct transfers. Most of the digital payment apps make use of direct transfer methods instead of making money pass through several banks. This is how transactions in the apps are fast and cheap.
It is worth for people who are sending money to family who are living in their home countries. They don’t lose money on different bank fees.
Digital Wallet Apps Security Measures That Keep You Money Safe
“But is it safe to use digital payment apps?”
I get this question a lot, and I think it’s a valid concern if you have money on it.
Surprisingly enough the answer is digital payment apps are often more secure than traditional banks.
Let me share with you why
Apps are built on encryption which is bank-level safe. Every transaction that is made is encrypted and secure. Apps also offer you the following:
- Biometric authentication (fingerprints or FaceID)
- Two-factor authentication
- Alerts on any transaction
- Fraud detection
- Purchasing protection.
Your money cannot be stolen if your physical wallet was stolen. If a scammer gets your login credentials, you can lock your account right away, and your money is safe. Most apps also have zero-liability policies if there’s any fraudulent activity on your account.
Real-Time Transaction Monitoring
Apps have that extra edge over banks, that you can monitor your transactions in real-time.
Apps alert you the moment a dollar moves in or out of your account. This makes it easier to identify suspicious activities as early as they happen.
Try getting that level of visibility from a traditional bank
Making The Switch
Still using those outdated money transfer methods?
It’s time to hop on board. Mobile payment apps are better in terms of speed. They are cheaper than traditional transfer. It is also more convenient than using cash. Apps are also as safe as the banks.
The best part about it is that it’s easy to get started with. Download an app, link your bank account or card. You are now ready to make payments. Most apps guide you through the entire process in less than 5 minutes.
Start small and make tiny transfers to familiarize yourself with the app.
You will soon be amazed at how simple it is and you will wonder why you didn’t make the switch earlier.
Closing Thoughts
Digital payment apps are taking over the world, and it’s for a good reason.
They are faster than banks. Cheaper than traditional transfers. More convenient than cash. And finally, they are secure enough to entrust with your hard-earned money.
Whether you are:
- Sending money to a family who is living in another country
- Splitting a check with your friends.
- Shopping online
- Paying for a subscription service
Digital payment apps will make the entire process effortless for you.
The technology is proven. The benefits are real. And millions of people around the world are using these apps in their day to day lives.
Don’t be left behind using those outdated payment methods. Switch to a digital payment app and start enjoying the benefits now.
Himani Verma is a seasoned content writer and SEO expert, with experience in digital media. She has held various senior writing positions at enterprises like CloudTDMS (Synthetic Data Factory), Barrownz Group, and ATZA. Himani has also been Editorial Writer at Hindustan Time, a leading Indian English language news platform. She excels in content creation, proofreading, and editing, ensuring that every piece is polished and impactful. Her expertise in crafting SEO-friendly content for multiple verticals of businesses, including technology, healthcare, finance, sports, innovation, and more.
