The advancement in fintech and mobile technology has provided us with new ways to transfer money. Lately, there has been a significant boom in money payment applications. Due to rapid changing technology and our dependency on handheld devices, conventional banks and money transfer companies are now required to invent handheld and tablet friendly applications to retain their users. Not many millennials make frequent visits to the banks to make transactions or send money to their friends. Tech companies never cared to partner up with financial institutions before, but now many are forming alliances with various banks.
Since the influx of money transfer applications, many people are still learning about the various money transfer apps. Many apps serve the same purpose, but a slightly differ from one another on the customers personal needs. One person might want to transfer money over lunch, whereas the other person might have to do an international money transfer to Australia and so forth.
Below is a list of different money transfer apps of 2019:
We have all heard of this classic American financial company. Western Union had revolutionized the industry, originally starting off as sending telegrams, the company then began creating several divisions with peer-to-peer transfers, money orders, business payments and business services. Western Union has integrated with new technology and created an app for customers to send and receive funds. Customers no longer have to visit a Western Union kiosk, they can simply send money from the WU app.
World Remit has been around for a few years, and claims you can send money across the world as fast as text message. WorldRemit allows you to send money to over 140 countries. It also allows users to receive transfers as bank deposits, cash pickups and cellular phone airtime re-charge. Once the transfer has been concluded successfully, both parties receive a text message confirming that is has been completed.
Venmo is a mobile transfer service application owned by Paypal. Over the years Venmo has become significantly popular, especially amongst millennials. The application is extremely convenient and appealing for tech savvy individuals who want to transfer money to their friends and family. Venmo has integrated quirky emojis and comments as part of the process to attract millennials.
Paypal is the leader in the industry when it comes to digital wallets, peer-to-peer transfers and e-commerce. Paypal is one of one the most secure and common ways of sending money and making purchases. Paypal offers a much business feel, where its main focus is to maintain that image. One of the drawbacks to Paypal is that it charges you transfer fees and the foreign exchange rate isn’t the best on the market. However, the simplicity of Paypal is what makes it so appealing, just by entering a phone number or email address you can send the funds to the recipient.
Aside from apps there are also websites such as UniDAX that makes life easier for the tech and finance savvy individuals.