Everything you need to know about online banking platforms

Everything you need to know about online banking platforms

Online banking platforms, which deal with finances and budgeting, are increasingly being used by Brazilians, both for personal use and for managing business finances. You apps are in the palm of users’ hands, increasingly intuitive and can be used through any mobile device with an internet connection. Find out more below:

Everything about online financial platforms

For you to better understand these online financial platforms and the reason for all its success, we will explain in more detail below. Knowing what they are and the risks of using these applications, it is possible to make an assessment to know if they are worth using or not.

The opening of this type of platform

The advance of the digital world is unstoppable and has undergone a drastic acceleration during the pandemic period. Currently, we are experiencing a digital revolution that paves the way for companies and fintechs to present an increasing development of online financial platforms. These compete with the services offered by traditional banks, immersed in a process of restructuring and in need of updating.

O open bank, for example, disseminates banking and financial information, which increases the power of choice and personalization of the financial services offered. These services, via fintechs, occupy niche markets such as online platforms.

Thanks to the introduction of the Marketplace Payment Services Directive, the doors have been opened for customers’ financial product data to be brought together on the same platform, which is also a place that banks have also intention to occupy. Everything indicates that this will go through facilitation, allowing site platforms to be more accessible to consultations on the positions of users and other financial entities.

Therefore, we can find many types of online financial platforms:

  • Electronic banking services of financial entities;
  • virtual wallets;
  • Applications for personal finance management;
  • Platforms for operating with cryptocurrencies;
  • commercial applications;
  • Etc.

What is a Virtual Wallet?

Virtual wallets are used as an option to make fees and other payments quickly and securely. It is generally used to manage the smallest and most frequent transactions, and can be used from a smartphone to another electronic device with Internet access.

These wallets have no fees for transfers that are made between them, to encourage their use. However, fees are generally charged for transfers made to other bank accounts.

Among them, one of the most popular in the world is PayPal, which serves, among other things, as an alternative to credit cards. In this case, the person who pays the fees is the beneficiary of the money.

#online #banking #platforms