Think about your last money transaction. Was it with physical cash? Probably not.
The days of cash payments are waning. Did you know that only 8% of the world’s money is physical? These days, the large majority of the wealth is online, but that doesn’t mean it’s untouchable. Thanks to fast money transfers, it’s easier to send and receive money without touching it.
Though they’re new, we’re already accustomed to using instant money transfers. These handy payments occur daily, yet we don’t even blink an eye. Have you ever stopped to wonder how these easy payments came about? If so, we’ve got news for you. Keep reading to explore the technology behind different payment transactions.
The importance of instant money transfers
Technological advancements affect all areas of our lives. From how we work to how we relax, all areas of our lives involve efficient tech products.
It doesn’t take us long to get used to these products either. Integration into society is quick and easy. For example, contactless smartwatch payments have only been around for approximately five years, yet these are normal and part of daily life for many. However, we’d be in shock if you showed us these 10 years ago.
Better technology makes all parts of life easier, so it’s vital that our money transfers can match this evolving speed. Goodbye to cash and cheque payments, hello to contactless and instant transfers.
Where can you find instant money transfers?
But where do you use instant money transfers? Well, everywhere!
When we talk about instant payments, we’re not just referring to sending money online from a sleek e-wallet. We’re also looking at contactless card payments, QR code payments and more. From paying for your meal at a restaurant to ordering clothes online, instant payments are entirely normalized.
A key example of an instant money transfer is fast payout casinos. Instant payments are integral to the online casino industry, allowing players to make deposits and play quickly. The iGaming industry has pioneered unique payment methods with protective security measures, ensuring all players can enjoy the abundance of slots and casino games without worrying about waiting for a cheque to be cashed.
Types of instant money transfers
Have you used instant money transfers before? You probably have. Here are some of the most popular types of fast money transfers and the technology behind them.
Although credit and debit cards provide fast and safe transactions, contactless cards have taken these payments to the next level. Contactless cards have been standard in the UK, Europe and Canada for a while now, and they’re slowly emerging in the US too.
Alongside contactless cards, many mobile wallets exist alongside banks, offering contactless card payments via smartphones. Popular options include Google Pay and Apple Pay, but other variations are available too, such as Fitbit Pay.
P2P apps, also known as peer-to-peer apps, allow instant transfers with an easy user interface. These apps hide your card information from online retailers, making payments more secure when transferring money. P2P apps have also collaborated with food delivery and transport apps to allow easy payments.
Well-known P2P apps include PayPal, Cash App, Venmo and Zelle. Some even offer credit card-like programs, such as PayPal Credit.
This example might seem ‘futuristic’, but we’re already using biometric technology! A typical example is unlocking your phone with your face or fingerprint, making your life easier than ever. This technology is soon to be available as a payment option, adding an extra layer of protection as only you will be able to approve the money transfer.
Some biometric payment methods are already available, but this type of instant money transfer hasn’t hit the mainstream market yet. Watch this space!
QR code payments
Similar to contactless payments, QR code payments are standard now. From QR codes on restaurant menus to apps such as Twint, QR codes offer a secure and quick way to transfer money. This payment method is particularly popular in Asia and Europe but hasn’t taken off as quickly within the US. Perhaps we’ll see these more often in the future too.
Instant money transfers make life easier. Nothing provokes anxiety more than waiting for a payment to arrive in your bank account, so we’re glad this technology allows us to send and receive cash without worries. Are you all for embracing cashless payments? Let us know what you think!