Sending Cash Online and the Methods Available for Online Users
1:24 AM
Every day, credit cards companies are working to expand their service when it comes to wiring money. Many notable credit card companies have turning to pre-paid credit cards to make it possible for consumers to transfer money online.
The model is as follows; The sender simply goes online to open an account, then inputs the amount and the recipient . The company provides the recipient with a pre-paid credit card and secret PIN which can be used as any accepted credit card, at any ATM, or for any kind of purchase they would like. If the sender wishes to wire more money they simply go online, and the money goes straight onto the card the recipient already has.
Could it be? Have we seen the day consumers no longer need to carry cash? Some businesses are already trying to get rid of traditional paychecks, so people have began to get their paychecks transported directly into bank accounts. Many businesses are also using online companies to pay employees.
So what does all this mean for standard money transfer services? Many experts have determined the number of people using credit cards or the internet to send money will surely increase.
Many location based-services have come to grips with the fact that their value will dwindle over the years as more people turn to credit cards to wire money online. To fight back, many location based companies have gotten in with big-name banks and it is projected that by the end of 2009, most of these companies will be offering their services through those banks. And although most banks already have a transfer system set, this move might possibly be the swaying factor that keeps those businesses above water.
The model for these companies is simple. If you use a bank to wire money you will be charged a flat rate whether you choose to send $100 or $1000. Location-based services on the other hand, charge depending on the amount.
So why would anyone choose to use a location-based company over a bank? Well location-based services now let the sender to wire the money to a desired location, whereas a bank only allows you to send the money from one bank account to another.
Regardless of how the money transfer world fluctuates in the coming years, two things are clear; it will gradually become easier to use a credit card to transfer money online and the time it takes to get that money wired will only be lessened.
The model is as follows; The sender simply goes online to open an account, then inputs the amount and the recipient . The company provides the recipient with a pre-paid credit card and secret PIN which can be used as any accepted credit card, at any ATM, or for any kind of purchase they would like. If the sender wishes to wire more money they simply go online, and the money goes straight onto the card the recipient already has.
Could it be? Have we seen the day consumers no longer need to carry cash? Some businesses are already trying to get rid of traditional paychecks, so people have began to get their paychecks transported directly into bank accounts. Many businesses are also using online companies to pay employees.
So what does all this mean for standard money transfer services? Many experts have determined the number of people using credit cards or the internet to send money will surely increase.
Many location based-services have come to grips with the fact that their value will dwindle over the years as more people turn to credit cards to wire money online. To fight back, many location based companies have gotten in with big-name banks and it is projected that by the end of 2009, most of these companies will be offering their services through those banks. And although most banks already have a transfer system set, this move might possibly be the swaying factor that keeps those businesses above water.
The model for these companies is simple. If you use a bank to wire money you will be charged a flat rate whether you choose to send $100 or $1000. Location-based services on the other hand, charge depending on the amount.
So why would anyone choose to use a location-based company over a bank? Well location-based services now let the sender to wire the money to a desired location, whereas a bank only allows you to send the money from one bank account to another.
Regardless of how the money transfer world fluctuates in the coming years, two things are clear; it will gradually become easier to use a credit card to transfer money online and the time it takes to get that money wired will only be lessened.
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