How has the money transfer evolution been in India?

How has the money transfer evolution been in India?

Do you remember the time when transferring money from one account to another meant scheduling to visit a bank? If you would get late for reaching the bank, you would have to wait in the queue and maybe revisit the bank the next day. This clearly shows how we all have struggled in those days and how it would take almost half of our day, right? Well, all thanks to online banking technology; those days are long gone.

These days, transferring money takes 2 minutes, that too if your internet connection is slow. All you need is a smartphone, a high-speed internet connection, and a reliable app. Now finding a reliable app is the catch. You just cannot install any app on your phone since it involves your hard-earned funds and you may even have to compromise with your privacy. Therefore, here are some of the apps listed below that you can use for transferring money without a second thought.

  • Airtel Payments Bank: Airtel Payments Bank is a digital bank where you can even open a savings bank account. You can get a digital debit card from this bank which can be used only for digital payments. You can have access to this digital bank through the Airtel Money Wallet app. You can install Airtel Payments Bank on your phone and transfer as much money as you want to any other accounts. The digital bank also has a feature of Airtel Safe Pay, which offers two-step verification. This will enable you to carry out any transaction safely.
  • BHIM: BHIM or Bharat Interface for Money is a UPI app, which was the initiative of the Government of India. This is one of the safest money transfer apps in India that you can use without a doubt. The money transactions through this app can be done directly through banks.
  • Google Pay: Google Pay, earlier called Tez, is an app similar to BHIM. There is no wallet in this app, and you can transfer the money directly from the bank account. It is fast and super user-friendly. People who are not at all tech-savvy can also use this app.
  • Paytm: Paytm is a one-stop solution for everything. Whether you want to do some fashion or lifestyle shopping or want to recharge your phone number, or even pay your utility bills, you can do it all through this amazing app, Paytm. Using this is as easy as using any other app. What is even more interesting is you can even transfer money through this app. The app comes with a money-wallet feature where your money can be saved and used while paying for your bills or recharging any account.

Apart from these four, several other apps are used by people these days in India. These apps have not only made the money transfer process quicker but also made our lives much easier. You can transfer the funds from anywhere and anytime. To access Airtel Payments Bank, you do not have to be an Airtel telecom customer; however, if you are an Airtel customer you can access it through the Airtel Thanks App on your phone. Registering to this App would just require your phone number and you are good to go ahead.