For many years, it was acceptable to wait for days before an amount is credited to a bank account. Up to now, there are still banking transactions that take a long period of time. You’ll try to beat the clock by lining up early to deposit a check before cut-off clearing time. You receive a crossed check on Friday afternoon to tuck it away until rushing to the bank on Monday morning to deposit it.
The payment system of the banking sector still crawls due to its antiquated methods. The problem is that many companies and facilities only accept payments through their bank accounts. A couple of these are government agencies and loan institutions. Yet, there are ways about it instead of using traditional channels. If you are sending payment and need to meet a deadline, there are ways to transfer money fast.
Our global payment infrastructure system is quickly developing to speed up transactions using cashless transfers. With these payment methods, we get to declutter our world by reducing the need for files, ledgers, and much more. We get to become more eco-friendly as we lessen the documentation that requires paper as we can store things online using cloud services.
Using an e-wallet
The mobile device that we hold in our hands can replace our physical wallet with an e-wallet. Our electronic wallet can be used to store funds from different sources like our bank accounts and for contactless payments. More sophisticated e-wallets have other functions such as peer-to-peer money transfers.
Cash-out the money
We can cash-out money that is paid using contactless terminals. We can cash-out funds that are sent to us online. Though we might still be using money transfer agencies, it is a bother to have to go to their office just to get the remittance. Those old methods to send cash do have their drawbacks, and even the most popular money transfers have adapted to make it possible to transact online.
A cashless society
When our legal tender exists, exchanged, and recorded in electronic digital form, we achieve a cashless society. Many people are not aware that 92 percent of all our money in the world is in electronic digital form. In the past few decades, nearly all nations reduced the amount of their currency in circulation. Our digital advanced payment solutions such as money services mobile apps have made it possible for us to go about our daily lives without the need to carry cash.
The advantages of paying using payment cards or a mobile app include the increased speed of processing a transaction. We get to reduce the hustle and bustle of our lives by using a contactless terminal to pay to save us time. We can be anywhere and with the connectivity of our mobile phone, send funds internationally in a few minutes.
If we want to send cash fast, we must go digital and use the app of a mobile services company that has advanced payment solutions.