The best apps today double up as money transfer apps cum bill payment platforms. We study their utility in managing your money.
Bill payment is a chore that every person must face in daily life. There is no getting away from it – not paying the bills on time can result in suspension of phone, broadband and household utilities.
A surprisingly large number of people are still paying their bills in cash, not having tried online payment modes which are more convenient and economical. Even in the online payments space, it is better to use payment apps or money transfer apps to manage your monthly finances, pay your bills and transfer money whenever needed.
How payment apps help you manage your money
Apps are a relatively new invention in the smartphone space, though you wouldn’t think it to see the ease with which people are using them. There are scores of apps in every category of use that you can think of. A majority of them are free to use and offer great utility.
- Perhaps the most vital and useful apps are money transfer apps. These are broadly known as ‘payment apps’ since they deal with the transfer and receipt of payment.
- Money transfer apps are handy tools to manage your finances, helping you pay bills and recharge your connections on the go. Some of the best ones keep track of expenses, manage an archive of past bill payments, and also allow you to set curbs on spending.
- They are also used to track your finances. For instance, if you are using a money transfer app like myAirtel, then you get the multiple advantages of recharging, paying phone and utility bills and also managing your money in a savings account aka the Airtel Payments Bank. The Airtel Payments Bank pays savings interest of 4% on the residual money in the wallet. Thus, you are able to manage your savings much better and also streamline bill payment using just one multiutility app.
- You can use a money transfer app like BHIM UPI app to send money to your phone contacts (provided they have also set up the app on their phone). The transfer is done at once, since the app is linked to your bank account. This way, you can split restaurant bills, pay for cabs and other private transport, make online purchases, etc. without using a debit/credit card or doing net banking.
- Money transfer apps offer not just ease of use but utmost security as well. When using secure apps like myAirtel app, the safety of your bank account is never compromised and you can pay your bills and make transfers in a secure online environment.
- Some of the best payment apps like myAirtel app also offer frequent cash back and discount on recharging the phone and DTH connections.