Technology has made it possible for us to pay using our mobile devices. Making online payments is now one the most preferred methods to pay. Such advanced payment solutions like using an e-wallet works to make transactions be completed in less than a few minutes.
Our cell phones are no longer meant just for communication. When we are connected to the internet using a device that is upgraded enough to download online payment apps, we can use these for storing, sending, and receiving funds. When we are online using our computers, we may access a site that has methods for us to be able to send funds internationally using the banking network.
The established network of banks makes the traditional way to pay by sending transfers one that is reliable. However, as reliable as it, it may take a few days before the funds are credited to the account of the recipient, especially when the money has to be transferred using the SWIFT network. The SWIFT network was established in 1973 to provide global interbank financial telecommunication. When it was launched in Brussels, the SWIFT network had connected over 239 banks located in 15 countries.
Financial messaging service
The establishment of this financial messaging service for international funds transfers revolutionized the payment industry. The network made it possible to use a secure payment system for funds to be sent to other countries. Seamless, at that time, the SWIFT network was considered as one of the fastest ways to send cross border payments. But now, when compared to advanced payment solutions such as sending funds using a peer-to-peer app, the SWIFT network goes at a snail’s pace.
Cross border payments
When cross border payments are sent quickly, it brings about the growth in the global economy. Transactions are made online and are no longer limited to big corporations as many small businesses may find contacts from abroad. The traditional methods such as wire transfer using agencies and bank fund transfers are extremely slow when compared to instant remittance of peer-to-peer apps.
Accepts international payments
The internet connects the world in more ways than one. The communication lines are open and there are several businesses do have e-commerce websites which accept international payments. Using the net, one can find suppliers from all over the world. There are also certain websites that connect professionals so people can be hired for the services that they offer such web development to get paid online.
Right payment provider
We spend a lot of time making payment transactions, especially if we have a business. When we go online, we are capable of tapping the world to look for goods and services. Deals can be conducted online and goods may be shipped. We can find the resources using our mobile devices. We may do so at any given time, from nearly anywhere we are, as long as we have a mobile device that is connected to the internet and use the right payment provider app.