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What are pros/cons of Mobile Money Transfer

Transferring money to India from any country is now super quick and affordable thanks to mobile transfers. Here’s a quick rundown of the pros and cons of sending money using your Smartphone.

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The growth of mobile phones and lightning-fast internet connectivity have indeed triggered a massive revolution in all walks of life. Tasks that were considered time-consuming and labour intensive have become super easy today. And, one such task is sending money from or to overseas.

You can now send money online to any other person in any corner of the planet, with just a few clicks on your Smartphone. This is just the beginning. As the technology continues to evolve, you can expect mobile money transfers to become the norm and offer added features.

Today, you can find a vast array of apps like digital wallets to banking apps that let you send and receive money conveniently. Here, in this article, we take a closer look at the pros and cons of using these services and offer you handy tips to overcome any challenges you may face.

Pros of Mobile Money Transfer

  • Convenient – This is one of the biggest advantages of using the transferring money option via your mobile phones. You no longer have to visit the physical branch of your bank or any other money transfer service provider. All you have to do is download the app or visit the mobile site and send/receive money to anyone, in any corner of the planet.
  • Accessible – This is highly beneficial in emergency situations. Instead of waiting for the banks to open, you can quickly initiate the transaction, wherever you are and at any time of the day. Mobile payments are available 24×7, 365 days a year.
  • Cost-effective – Mobile money transfers are cheaper when compared to other methods of transfer like wire transfer, cheques, etc. The transfer charges are low or even nil, depending on the account type of the sender and the recipient.
  • Safe – Just like your regular bank transfers, mobile money transfers are protected by financial regulations both in the sender’s country as well as the recipient’s country. You log into the app using a secure PIN/password, and the transfer details are stored in your account so that you can use it to claim any discrepancies.

Cons of Mobile Money Transfers

  • Security Risks – While mobile money transfers are safe, you could still end up being victims of phishing attacks. These are cyber-threats where hackers track your login details by installing malware on your Smartphones.

To protect yourself from such scams and thefts, make sure to install the latest anti-virus software on your phones. Additionally, don’t click on any suspicious links. Also, remember that never reveal your login ID and password to people posing as officials from your bank.

  • Need for a Smartphone – To send moneyvia mobile phones, you need to have a Smartphone. This is because these apps can be downloaded only on Android, iOS phones and not on basic devices. But, this is no more a drawback, thanks to the easy availability of high-end mobile gadgets at affordable prices.

Mobile money transfers to India are indeed faster, cheaper and more convenient. With that said, mobile transfers come with security risks. So, make sure that you stay vigilant and protect yourself from scams while opting for this method.