When using a modern technology in making payments for purchases, we expect easy, secure and convenient payments. These three are the most important expectations for online transactions. There is an app that allows users to make payments, while enjoying these three features; it is called PushPay.
Just as the name suggests, payments are just a push away. For this, users need to add debit or credit cards and bank accounts once and they can make payments by confirming with a secret code. Users can either make one-off payments or setup recurring payments at specific user-defined intervals.
‘Send money in under 10 seconds’ is what they say on their website. To make a payment, one has to open the app, choose the payee and confirm by entering the secret code. However, the app can be used to pay only registered merchants, currently across the US, New Zealand and Australia. The company is based in New Zealand, but looks to expand elsewhere.
The amazing part of this app is that it is smarter, faster, secure, simple and free of cost; as the name suggests, just PushToPay.
The app can also be used to make donations to charitable organizations including UNICEF and to church communities. The app is available on Android and iOS and can be downloaded from the respective app stores or by visiting this page. But remember, it is presently supported only in Australia, New Zealand and the US.
Cardless cash withdrawal is the new trend that is starting to become common around the world. It works mostly in case of money transfers, where senders transfer an amount to the beneficiary who has the option to withdraw the cash at an ATM without using a card. It works with codes that recognize the transactions.
Malaysia’s Maybank has a money transfer app that enables the senders to send money to anyone in Malaysia, without even knowing their bank account number. The former can send money using the recipient’s mobile number. The latter then receives a text message with the code that should be used for withdrawing the cash.
Once the transaction has been initiated and the recipient has received the code, they can visit any of the Maybank teller machines and use the bank’s cardless withdrawal function to collect the cash. The code has to be provided to authenticate the transaction.
The transfer completes instantly and the recipients can collect the cash as soon as they receive the text message containing the code. A number of countries have introduced this facility to simplify local money transfers and this have proven to increase the adoption of online banking and money transfer.
The bank introduced this service in Singapore last year and in Malaysia now; Maybank expects at least 30% increase in the value of online transactions in the next two years. The current value of Maybank’s online transactions is 13 billion ringgit, which is equivalent to $4 billion. They also have a plan to introduce the service throughout the network that extends to Cambodia, Indonesia and the Philippines.
The app not only facilitates money transfer, but also enables the users to perform many other banking transactions including bill payment, prepaid mobile top up, etc. The money transfer facilities include instant transfer using the recipient’s mobile number and interbank transfer.
The app is available for download for Android, iOS and Windows Phone devices from the respective app markets.
We have heard and discussed about foreign exchange companies getting into the money transfer business; there are a lot of them in the market, each trying to outperform the other by offering exceptional services. Each of them try to attract customers and offer services comparable to those offered by banks, but at a much lesser fee.
We had learnt about a money transfer service offered by World First last week; let us now discuss about the Android and iOS solution offered by them to transfer money on the go. We had learnt that they provide better rates and charge lower fees, with the mobile app, customers can get all those services right in their hands.
The app is available on Google Playstore and on iTunes. At present, only individual customers are fully supported, but corporates can still use the app for few features. It may be available for the latter very soon, as the company is working on it. Users can easily and quickly send money using a debit card, any time from their smartphone or tablet, it takes as less as 30 seconds to complete a transfer.
Payments tracker helps the senders track their transfers and know when the recipient has received it. They can also check live rates and initiate a transfer accordingly, in order to ensure best rates and more money for the recipient. In addition, the app has an inbuilt currency converter that helps the users know the value of the recipient’s currency and send money in local currency accordingly.
Users also use this app to make transfers between their own accounts. The services offered through this app are similar to that offered online on World First’s website, but for the fact that transfers can be done anywhere and at any time, the app is just great. It is also on par with other money transfer apps. The android app can be downloaded from here.
Xoom Corporation is quite well known among the residents of the US who transfer money internationally. They have amazing offerings, great customer support and in some countries to some banks, they transfer money instantly within seconds. They recently acquired Bluekite for offering cross-border bill payment service. Now, they have come up with ‘on-the-go money transfer service’.
Xoom launched their mobile app in last July for enabling international money transfer through smartphones. The app is available for iOS as well as Android. The app allows Xoom customers to quickly send money to a recipient in one tap or one swipe. The technique is called ‘slide to send’ which allows a transaction to complete in seconds. The app also provides real-time transfer status, wherever the user is.
The Xoom App also has features such as fee calculator, exchange rate calculator, customer service contact and so on. Once a user downloads the app and logs in, all the existing recipients that he/she has added would be displayed and money can be transferred right then. With this app, money can be sent to more than 30 countries worldwide, which is also the case for online money transfers. If the users do not want to download the app, they can still use the ‘on-the-go transfer service’. All they need to do is access Xoom Mobile Site from their mobile browser and login.
So, anyone in the US can use this app to send money to over 30 countries including Latin America, the Philippines, India, Australia and South Africa. If a user has not signed up for an account with Xoom yet, this form can be used to get an account with them and for setting up recipients after logging in.
The app is simple to use and very convenient to use. It is a great addition to Xoom’s products and offerings, as well as a step towards keeping up with the increasing demands and expectations of customers.
When a technology develops and people begin to like it, more and more choices come into existence. Among the well-known names, we have Amazon that acquired TextPayMe in the year 2006 and renamed it to Amazon Payments in 2011. With their service, residents of the US can send and receive money on their Amazon account.
TextPayMe was an SMS payment service that allowed users send money to other people using cell phone text messaging. Anyone in the US who had an SMS-enabled phone could receive money with this service. Amazon has now improved this service and has moved it online. So, users can send money to anyone in US with an email address.
Anyone can send payments from the Amazon Payments website using WebPay. In order to send, a user has to login and click the ‘Send Money’ tab. In the recipient field, the email or the recipient’s alias has to be entered and then the amount in the amount field. Users can also add a personal note while sending money.
Recipients who are not registered with Amazon need to do it within 30 days from the date of sending money, after which, it is returned to the sender. Senders using personal accounts can send up to $500 per month, which may either be raised or be removed entirely if a credit card and a verified bank account have been linked to the account. This applies to the recipients receiving money as well.
This service also allows requesting money online from the ‘Send Money’ section. Both the sender and the requestor are sent emails. The email send to the requestor contains a link to send the payment reminder or to cancel the payment. The sender receives an email with links to accept or decline the payment. If the request is not fulfilled within 10 days, it is automatically cancelled.
Interested users can sign up for a basic account with Amazon to be able to send and receive money with this service. Users can also shop online and use their Amazon Payments account for secure checkout. They also offer solutions for businesses to include ‘Checkout with Amazon’ or ‘login and pay’ on their websites. The standard rate for this solution is 2.9% + $0.30 per-transaction for transactions of $10 or more.
Bank to bank transfers generally happen at a bank level and not many third parties take part in them. Popmoney, operated by CashEdge and CheckFreePay Corporation, subsidiaries of Fiserv; is a person to person payments service which works with banks to enable transfers from one bank to another.
Popmoney stands for (P)ay (O)ther (P)eople (Money). Users can access Popmoney from the participating banks’ websites or directly from their website. They aim at displacing traditional check payments and to some extent cash as well, as they mention on their website. They have tie-ups with over 1700 banks and financial institutions in the United States. The service is available only to the residents of the US, for transfers within the US only.
Popmoney enables users to initiate payments from an Eligible Transaction Account to an account at a US financial institution, and to receive payments into the Eligible Transaction Account, in US dollars or gift card value. Amount is debited to the sender’s account as soon as the payment is initiated and it is remitted into the recipient’s account within 1-3 business days.
There are limits to how much money can be transferred, but it differs individually and can be viewed after having logged in. In general, for sending money, debit cards are limited to a debit of $500 per day and $1000 per 30 days; while, bank accounts are limited to $2000 per day and $5000 per 30 days. For requesting payments, the daily limit is $1000 and the monthly limit is $2500. When paying a request, daily limit of $2500 and monthly limit of $4000 apply. The fee in all cases is $0.95, while paying a request is free of charge.
In addition to one time payments, recurring payments can also be setup. Money can be sent in three different ways; either direct transfer to the Eligible Transaction Account through the account number and the routing number, or by email instructing the recipient on how to direct the payments into his/her Eligible Transaction Account, or by SMS with similar instructions.
Popmoney is a good service for small amount transfers within the US, but for international payments, one has to look elsewhere. It works in similar lines with PayPal, but limited to the US. In terms of convenience, security and charges, this service is quite good.
Money transfer through the Internet is the new norm which is becoming a part of everyone’s lives. As entrepreneurs come up with products and services, competition is increasing. Skrill, formerly known as Moneybookers is a global player that allows payments to be made through the internet.
Based in the UK, they have offices throughout the rest of Europe and the USA. They have over 36 million users who use their service to send and receive money in 200 countries in 40 currencies. They have a wide range of payout options which number to over 100. Over 156,000 businesses including Skype, oDesk and eBay have chosen to use their services ranging from simple one-step integration to fully tailored payment solution.
Skrill is accessible anywhere at any time and on any device. Users can send money instantly online with Skrill iT, which lets the sender send money to anyone with an email address in 200 countries and offers over 100 ways to withdraw or use the money. They also support transfers to the mobile wallets of the world leader in mobile payments, M-Pesa (in Kenya).
They say “Don’t just send it, Skrill iT”. This tagline seems to aim at revolutionizing money transfers just like Google revolutionized search. Anyone can send money in minutes and the recipient receives it instantly. In order to send money, users have to create an account with Skrill and register a way to pay. If the recipient does not have an account with Skrill, they are asked to create one, which takes no more than a minute and the money is available for them to withdraw. Withdrawal can be made in over 100 ways, which includes direct deposit into their bank account or Visa card or it can be accessed through their Skrill Prepaid card at over 1.9 million MasterCard ATMs worldwide.
The basic fee they charge is 1% of the transaction, capped at €10 maximum. Withdrawal charges may apply for the method chosen. Additionally, foreign exchange rates starting from 2.99% are applicable for sending to countries with a different currency. Paying at a shop or transferring funds with any merchant is free of charge. Senders can pay using a local bank or all major accepted payment methods including Visa, MasterCard and American Express.
Once the money has been sent, both sender and the receiver are notified by email and the receiver has 14 days to open their Skrill account and confirm receipt, failing which, the money and the fees are automatically credited back to the sender’s account.
Like I said, Skrill has the potential to revolutionize payments and they are already in the process by having over 36 million individuals and over 156,000 businesses on-board.
Can sending money become as easy as sending email? Can bank deposit be as quick as writing an email? With Square Cash, the answer is yes. They offer services to send and request money by email and also direct deposit into bank accounts. All the user needs is a debit card and an email.
Square Cash is not like other payment apps or payment websites which require the users to login in order to send or request money. All a user needs in the debit card number for payment transactions. Square is a company which offers tablet-based checkout systems and a hardware which enables people to accept credit cards or debit cards on smartphones. They launched Square Cash in last October as a new product in their product portfolio. They have also launched apps for iOS and Android smartphones.
Sending or requesting money is so simple with Square Cash. It does not take more than 10-15 seconds to write the email and the amount and click the send button. It is easier to use even for people who are bad with new technology. Currently they are not charging any fee for the service, and they claim that they have no plans or intention of charging. However, each transfer costs the company an estimated ¢35 as it uses Visa and MasterCard routes.
In order to send money, all the user has to do is draft an email with the recipient’s email in the ‘To’ field and with email@example.com in the ‘CC’ field and at least $1 in the subject field. A message can also be included in the email body to specify what the payment is for. First time senders will get an email prompting them to go to the company’s website and enter their debit card number, expiry date and the CVV number. The same is applicable for first time receivers as well, after which, they can deposit the money in their bank account through their debit card, as debit cards provide real-time connection to one’s bank account. In order to request money, same process has to be followed, except that the email in ‘CC’ should be firstname.lastname@example.org. For security purpose, users are given an option to turn on a security code for sending money, which is the CVV number.
Payment usually completes in 1-2 business days, through it can happen faster as well. The maximum amount allowed is $250 per week, which can be increased to $2500 per week if the users verify their identity. The user can do this in two ways, either by allowing the company to check their Facebook profile and providing the last 4 digits of their social security number, or by providing their full name, date of birth and the last 4 digits of their social security number.
For the fact that the service is free, this gives no reason to the people not to try it. In fact, they are currently offering $1 to new users for trying the service. At present, the service is only available in the US; but introduction in other countries may be a good idea.
You no longer have to go to a money transfer office to schedule money transfers. You can send money to friends and family from the comfort of your home with online money transfer services.
Many of the traditional money transfer services now offer the option of making a transfer over the phone or online at their website. Other companies have been started in recent years that exist solely as online services. Here are two of them to consider.
Western Union has been doing regular electronic money transfers for years and has now expanded into online service via the internet. You have several options when using their online service for payment. If you need the money to arrive quickly, you can pay with a debit or credit card. If it is not an emergency, you can use your bank account to transfer money.
You create an online profile with Western Union that you can go back to anytime you need to send money. Then you choose your options based on what you need. The receiver can get their money several ways:
In their bank account
At a Western Union agent near their location
Delivered to their home or office
In their mobile wallet
If you don’t feel comfortable sharing your bank information with Western Union, they also provide WU Pay. With this option, you can set up a payment in your Western Union account and they will send a bill. Then you go to your bank account’s online bill pay and pay the bill like you would any other.
With all of these options, you receive email confirmation to know that the money has been sent.
Xoom is a newer money transfer company founded in 2001 and located in San Francisco. They handle all transfers online and send money to the following countries:
You must sign up on their website before you can send money. Once you create a profile, you will enter the recipient’s information, including their name and country, how much you want to send, and how you want them to receive the money. You have three options on this: bank deposit, pick up in person, or delivery to their home. The latter two options may not be available in all countries.
You will also need to know the recipient’s address and bank information (if depositing into their account) and contact phone number. You will then enter your payment information where you have the option of paying from your bank account or with a credit card. You will have a final chance to review the transaction before submitting.
It’s much easier to send money today with online money transfer services. You have multiple options, which allow you to select the most affordable choice with the best features. These are two of the best known companies, one that has expanded their services and one that only provides online services.
Online money transfer is a modern way of wiring money, but it uses electronic funds transaction or EFT through a bank. You might use EFT to pay bills such as a credit card or utility payment when you authorize a payment through your bank or at the payment website.
Transferring money online works the same way, but it is for money to be sent to a business or individual instead of paying a bill.
Why the growth in money transfers and more importantly, why you should you care about them? It is becoming more likely that you will at some point either need to send money or receive money from someone. The easiest way to do that is by using an online money transfer service.
One of the primary reasons for growth in the online money transfer business is due to the fact that more employers are hiring employees outside of their city or state. They may even work with employees or contractors from another country. These employees need to get paid and sending a check in the mail has many negatives. The check takes too long to reach the destination and it takes too long to clear to make funds available for people that need the money for living expenses.
To solve this problem, introduce the money transfer. While it’s convenient for the sender to initiate payment after services are rendered, it’s even more convenient for the recipient to get within hours or days. Instead of waiting weeks, they can use their money right away.
Another reason that money transfer services are growing is due to increased online purchasing. People no longer are limited to shopping in their own city or state; they can buy from anyone anywhere. One of the safest ways to send and receive payment without providing sensitive information is through PayPal or other online payment services. The money is then transferred from the buyer’s account to the seller’s without giving out any bank account or credit card information.
The security provided by these services has helped the online shopping community to grow. People feel safer to buy over the internet when their information is kept secret by payment agencies. This is especially true when you are dealing with a business or individual that you have never heard of before. Sites such as Ebay use this payment method for many of the transactions between buyers and sellers.
It is expected that this method of payment for goods and services will continue to grow at a fast pace both because of international employment and online purchases. The newest trend is with mobile applications that allow money transfers. Many companies are adding this into their services to attract and retain customers that spend more time on their smart phones than on their computers.
As the growth continues, online money transfers will become more common. If you haven’t already used this service, it is likely that you will in the future.