The concept of money transfer apps is quite similar to ATM cards. Earlier, banks followed an age-old process, where people had to wait for a long time to deposit money. When banks realized that it is not easy to manage people, they came up with the idea of ATM cards. People can debit their money whenever they want those machines. In the same way, mobile apps were launched to minimize the work stress of the banks and people. Through these apps, the users can transfer their funds without any cards and passbooks. They will initially link their bank accounts to the app and use it to send or receive money from other users. Apart from money transfers, the users could also recharge their mobile phones and pay their bills like electricity, water, gas, and many other utility bills.
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