The use of cards and other alternative means of payment continue to increase and the use of cash is being imposed in some countries. Some experts predict that physical money can disappear completely in about ten years, while other studies say that Spaniards have an average of 50 euros in our portfolio.
The applications that allow the sending of money online have achieved the immediacy and comfort of operating from any device with an Internet connection to make payments or send money and to be able to access all the operations carried out in a simple way. Transferring money is a recurring action nowadays and more and more users decide to use their mobile phone to do so, leaving behind the operation from an ATM or a bank office.
Surely when we think about transferring money, one of the first options that comes to mind is Bizum. A system for sending payments through mobile phones devised in conjunction with a large part of the Spanish banking system. This tool, in most cases, is integrated with our bank’s application and its main purpose is to allow us to transfer money quickly and at no cost.
It has recently turned 5 years old and has 17.8 million users and 21,900 adhered businesses, becoming one of the options to send money through mobile phones most used by Spaniards. With Bizum we can send and receive money at no cost, pay in compatible online businesses, donate money to an NGO or pay and collect prizes in the State Betting and Lottery Administrations. The system is totally secure and has a Bizum key or a Bizum QR code so that payments are safe. Of course, it must be borne in mind that Bizum only works with Spanish banks.
Verse is a mobile application with which we can send and request money at the moment without commissions and completely free of charge. Unlike Bizum, with Verse it doesn’t matter which bank you are from. All you have to do is register by downloading its application compatible with iOS and Android to start using it. Currently Verse can be used in countries such as Germany, Austria, Belgium, Denmark, Slovakia, Spain, Finland, France, Greece, Ireland, Italy, the Netherlands, Poland, Portugal and Sweden. In addition, we can make and receive payments in any of the legal tender currencies of these countries: Euros, Danish Crowns, Swedish Crowns and Polish Zlotys.
Verse also allows us to create events to share expenses with a certain number of people in order to make a trip, a joint gift or share the expenses of a dinner. The application itself is responsible for dividing the account of pending expenses that they have created with your group of friends.
PayPal is a free service that we can use simply by registering. With PayPal we can send money to friends and acquaintances from any platform through our PayPal account which we will access with our username and password. Once we have the money in our account, to transfer money from PayPal to our bank we will have to associate our bank account with the online service. PayPal is compatible with iOS, Android and through browsers accessing its website.
A totally secure platform that also allows us to make purchases online, protecting us in the event of a dispute between the store and the user and returning the money if the order has not been sent or does not correspond to what was paid.
Xoom is a service that PayPal offers to operate internationally and that is focused, above all, on currency exchange. With Xoom we will be able to know the value of the change and the commission that is applied to us (which can vary depending on the amount to be transferred), in addition to accessing the status information of our transaction at all times. The commission that Xoom applies for transferring money is usually lower than the one that the large banks usually apply. As an additional service, Xoom also allows us to recharge the mobile abroad.
To start using Xoom, simply download the mobile application compatible with iOS and Android from the App Store or Google Play. From that moment you can start sending money or recharging your mobile phone wherever you are. To access Xoom you can log in with your PayPal credentials or create a Xoom account. Once this step is done, you will have to indicate how much money you want to send, the recipient and where you want it to be received. The last step will be to pay with your PayPal account, credit or debit card.
It is an ING application that is intended to function as a virtual prepaid card to make online purchases but also allows you to send and receive money. We can download your application for free on both iOS and Android and perform movements from the same app.
Twyp can be used by people over 14 years old so it can be a very good option for all those parents who do not want their children to still have a credit card. In this way, they will be able to use Twyp as a prepaid card in which they can control their children’s balance. To send and receive money with Twyp it will be necessary for the recipient to whom we want to send the money to have a Twyp prepaid card and the money will arrive immediately and safely.
Founded in London in 2011, the TransferWise app is now Wise and has more than six million users today. This application is capable of operating with 54 different currencies applying a lower commission than the big banks. Transferring money at no cost and without going to the bank is a reality thanks to applications like Wise.
With Wise we can receive payments from anywhere in the world. In addition, your card works in more than 200 countries and allows us to withdraw cash at 2.3 million ATMs, as well as being compatible with Google Pay and Apple Pay. A secure way to make your payments with 3DS authentication that has instant notifications when making your payments.