The Advantages of Sending Money Online: 4 Platforms You Should Know About

The Internet has revolutionized the way we conduct transactions, from paying for goods and services to sending and transferring money. With the rise of smartphones, mobile banking has become commonplace, and financial transactions can be completed from anywhere, at any time.

While most Mobile banking apps provided by banks have made financial transactions easy, their transaction costs can be discouraging at times. This article provides details on four other digital platforms that enable money transfer with ease, speed, and lower transaction costs.

1. PayPal
PayPal is the pioneering platform in online payment transfer. Its primary function is to make financial transactions uncomplicated, without the need to repeatedly input personal details. Apart from the security issues of sharing credit card information with multiple merchants, entering numerical credit card information on your smartphone can also be tedious.

PayPal enables payments with an email address, and it is accepted in most online stores. If funds have been received into the PayPal wallet, they can be withdrawn easily into a bank account. PayPal also provides a PayPal Mastercard that is accepted in most stores.

2. Square Cash
Square Cash is a newer payment solution that is gaining popularity fast. It is a peer-to-peer payment service that allows direct transfers to recipients’ debit cards. Square Cash supports iOS, Android, and Windows Phone, and there is also a dedicated web application.

Square Cash for Business also exists for small business owners to receive payments without having to use a credit card reader. Users of Square Cash for Business can receive money into accounts by sharing their $Cashtag, a unique identifier.

Despite being relatively new, it is fast becoming a preferred payment solution for many individuals and businesses.

3. BitGold
BitGold is a platform that allows users to purchase physical gold to store their funds. Gold is seen as a store of durable value that keeps its worth longer than other asset classes, so instead of transferring money, users purchase gold as a store of value. Transferring gold from one BitGold user to another is simple and inexpensive, and online transactions can be done through a prepaid MasterCard that is issued for use in multiple payment environments.

BitGold is less widely used than other solutions due to its unique proposition of buying physical gold, but it is still an interesting alternative that may work for certain people. For those who prefer the physical element of owning gold, physical gold bars or cubes can be requested from BitGold and delivered.

4. Bitcoin
Bitcoin is a decentralized, anonymous, fast, and inexpensive mode of payment. Users purchase Bitcoins from merchants and store them in their Bitcoin wallets. Transactions are conducted anonymously, and there is no paper trail. One of the biggest advantages of using Bitcoin is that transactions are immune to manipulation by fiscal and monetary policies — Bitcoin values are determined by market demand and supply, not by any intervening authority.

However, the value of Bitcoin is still relatively unpredictable and volatile, which means that users have to be prepared for wild swings in its market value. Due to the anonymous nature of Bitcoin transactions, users have to exercise caution to avoid fraudulent activities.

In Conclusion
There are multiple platforms in existence for sending and transferring money online. PayPal, Square Cash, BitGold, and Bitcoin are four platforms that offer users a unique payment solution that suits their specific needs. These platforms provide faster transactions, lower transaction costs, and convenience for users.