Electronic money transfer is nowadays so popular that it has achieved remarkable importance in the economic systems. It has evolved into different and better ways of money transactions from one place to another. Today most of the countries focus on improving the ways of transactions within and outside the country. It has a variety of benefits and convenience that provides people with advanced technologies for the transaction of money from one place to another. Its evolution and importance in the economy are because of the following features:
- Electronic money transfer is hassle-free. You can send money or do payments without leaving your home. This task can be done anywhere, anytime.
- Electronic money transfer systems provide you credit and debit card so that you do not have to carry cash in your pocket everywhere.
- Electronic fund transfer enables you to exchange money between your shareholders and customers without cheques and wire transfers if you are running a business.
- Companies can pay their employees through electronic money systems instead of giving those cash which is also good for the employees.
- Electronic money systems are also environment-friendly because by encouraging these systems you save the resources used for making paper cheques that include trees and water and it also limits the greenhouse gasses released in the atmosphere.