As we speak, credit cards companies are working to expand their service when it comes to transferring money. Many notable credit card companies have started using pre-paid credit cards to make it possible for consumers to wire money online.
The model is simple; The sender simply goes online and opens an account, then inputs the amount and the recipient . The company gives the receiver a pre-paid credit card and secret PIN which can be used as any accepted credit card, at any ATM, or for any purchase. If the sender would like to to transfer more money they simply go online, and the money goes directly onto the card the recipient is already in possession of.
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 transferred directly into bank accounts. Many businesses are also using online companies to pay employees.
So what does all this mean for older, more conventional money transfer services? Many experts have decided the number of people using credit cards or the internet to wire money will surely increase.
Many location based-services have realized their profits will diminish over the years as more people use their credit cards to transfer money online. In an effort to fight back, many location based companies have started collaborating with big-name banks and it is guessed 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 in place, this move could possibly be the single most important factor that keeps those businesses above water.
The model for these companies is simple. If you decide on using a bank to wire money you will be faced with a flat rate whether you choose to send $100 or $1000. Location-based services charge depending on the amount.
So why would anyone choose to use a location-based company as opposed to a bank? Well location-based services now allow a sender to wire the money to a specific, whereas a bank only allows you to transfer 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 moved will only drop.
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