There has recently been a surge in the use and creation of digital payment providers, especially with the rise in cashless payments and online shopping due to Covid19. Payment apps or digital payment providers make money management easier than ever – you can use your smartphone to make payments, your digital wallet can store all your bank details for quick online payments, as well as your various store loyalty cards. But aside from the obvious, there are many other reasons that you might want to sign up for digital payment providers for all your future transactions.
Transfer Money Abroad
With the growth of online selling, you may find that you need to send payments overseas. Alternatively, you may have friends or family abroad and should you need to transfer money abroad, you can incur some pretty hefty charges and may end up with an unfair exchange rate. Old fashioned wire transfers can be affected by time-zone changes, they can be halted over weekends or public holidays, and typically they can take a couple of days to process. Digital payment providers like Cashero will deal with all those problems for you and ensure instant transfers with little to no fees. If you find yourself needing to send money abroad, it would definitely be worth your time to look into a digital payment provider that suits your needs.
Send or Receive Money in Seconds
Digital payment providers ensure your money is sent instantly, meaning there is no period of uncertainty – no wait over the weekend or period of limbo where you might have a bit of anxiety regarding whether you sent the money to the right place. When you are sending money to anyone it’s important that it gets to the right person or place, as incorrect payments are not always covered by your bank and it could mean that your money is lost for good. Instant transfers, even abroad, means you have peace of mind in knowing your money has been received. I am sure I am not the only one who obsessively checks all the bank details over and over again before I press send, and then convince myself afterwards I had typed a 2 instead of a 3!
As the frequency of online purchases rises across the globe, it is perfectly reasonable to start questioning the safety and security of these transactions. Using a digital wallet or other financial services like that add an extra layer of security to your online banking. Your card number or account details are not stored on your device and they are not sent to the payee – payment through these providers is encrypted to protect you and your money.
Whether we like it or not, the future of money management relies on online banking and digital transfers, so it is important to be aware of both the dangers and the benefits of transacting via the internet. The best way to protect yourself and make the process as stress-free as possible is to use third-party apps or providers who can handle all the complicated aspects on your behalf.