Have you ever wondered why we are where we are? And how it's possible that nowadays with a few clicks of a button you can order from a plain t-shirt to a new smartphone, lawn-mower, car or actually everything you can ever imagine. Literally, whatever you could type in Google, there will pop out at least one platform who sells it or offers this kind of services, however unusual they would be.

Undoubtedly, the sole creation of internet enabled all of this. However, without a convenient method to transfer money digitally there wouldn't be that many e-commerce platforms to begin with if there would be at all. Nowadays, all banks are already offering online banking services. Merchants turned to PayPal in most cases. And businesses, as well as individuals who need to send money internationally for a better rates turn out to different remittance platforms such as TransferGo, Remitly, WorldRemit, Azimo, TransferWise or literally one of thousands of other. A quick money transfer comparison shows how widely the range of services vary. There are platforms who offer cheap but slow transfers. Other specialize in instant transfers but for an additional fees. There are the ones oriented for international transfers with good exchange rates and wide support of countries as destinations.

If you read some reviews and feedback from people who transfer money on a daily basis through different platforms you will learn how well-developed this market is and how complex the offers can get. There are companies which offer money return if they won't meet the transfers' deadline. Other put hidden margins on currency conversion rates. The competition is tough and in fact the ever-decreasing transfer costs are widely correlated with the amount of emerging startups and new types of services and companies, which are purely online-based. As if there is an infrastructure for people to pay conveniently for something, there is an incentive for entrepreneurs to explore all kinds of different markets and reach their clients all over the world.

Not so long ago we used to be limited only to our closest area for any goods and services. Then, with the development of affordable transportation people could reach maybe nearby towns or order parcels within their country borders and look now: with the worldwide connection to internet being available for more and more people and well-developed logistics and shipping market, someone can easily order any item from a place thousands of miles away from him and receive it "within 3-5 business days". That's actually incredible if you think about it for a minute.

Poll: Do you think online payments are the #1 reason for the world's economy thriving and ever-developing?
Joshua Higgins
June 3, 2020
Do you think online payments are the #1 reason for the world's economy thriving and ever-developing?
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NEFT is known to be the most cost-effective and convenient online money transfer option for various reasons. Regulated by the Reserve Bank of India (RBI), NEFT is available on internet banking and mobile banking services provided by most banks in India. NEFT allows individuals to transfer even the smallest amount without being worried about the fee charged by the bank. NEFT transactions are processed in batches and the funds are settled based on the cut-off time specified by RBI.

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