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Top 3 Reasons Why You Should Send Money Online

By Author: Amit Gaur
Total Articles: 2

Carrying cash with ourselves is a hassle, and we want money transactions to be convenient. Over the years, a plethora of ways have come into being to make this easier. Facilities such as NEFT, IMPS, RTGS offered by traditional banks and other financial institutions, and the recent development of digital wallets have all meant to not only make it easy for end customers but for organizations too. The services provide easy and quick way to send money online to friends, family, or just anybody. These services are accessible through web, app, or simply through SMS (Short Messaging Service), referred to as phone banking. Apart from these benefits, using digital wallet and other ways to send money online offer the following advantages-

Security
Carrying briefcases full of cash used to be a daunting task. We had to be very cautious while taking the money to the bank, especially when we were supposed to carry a large sum of money to deposit to the bank. The fear of being robbed while on our way to the bank kept people anxious all the way to the bank. The long cash deposit queues worsened the situation. With digital wallets and internet banking, the freedom to send money online instantly (24x7) has not only made high volume money transactions secure, but saves us a lot of time and effort.

Added layers of security such as OTPs (one time passwords), 3D secure passwords, smaller sessions, and grid codes make the convenience to send money online extremely secure and avoid any fraud usage of bank accounts.
Moreover, online money transactions can be easily scrutinized by fraud and risk investigation teams at banks and other financial institutions saving customers from illegal transactions or misuse of customer accounts.

Avail your transaction record easily
Availability of transaction records, in the form of mini statements or detailed bank statements at the convenience of a tap on your mobile phone has made it easy for those who frequently analyze their transactions. There’s no more standing in long queues to get bank statements.

Cash backs
Cash backs have been a major factor towards the increasing use of digital wallets and people using them to send money online. After all, who wouldn’t want to use their money to buy things online, when it cuts the cost by a large amounts by helping us save money? Using the convenience to send money instantly (largely cashbacks), merchants, shopkeepers and other sellers lure customers to buy from them.

No matter where you go, you can find sellers accepting payments through digital wallets. By simply adding seller’s phone number or scanning an exclusive QR code one can make payments to them. Digital wallets have almost made cash transactions vanish from sell-purchase economy. Though it’s still in its infancy, it is growing from developed economies to developing economies such as South Africa and other African and South American countries like Brazil.

Ecommerce players and other online ventures (and businesses) offering cash backs on transactions made through digital wallets are the forerunners in making cashless transactions mainstream, after which brick and mortar stores using POS systems are taking the endeavor forward.

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