EFTless payments. Meet a fast and free way to send cash in seconds

Sending cash via Electronic Funds Transfer (EFT) is so last year. Literally.

And while peer-to-peer (P2P) payments aren’t new, they’re becoming increasingly easy to use. No worrying whether you’ve paid the right person. No waiting for the cash to clear. And it gets better. With some apps, like Spot, it takes the awkward out of asking a friend to pay you back.

Send cash.

If you want to send someone cash, all you need is the Spot app and their mobile number. The cash straight out of your Spot Wallet and into theirs. For free.

Get cash.

Need a friend to pay you back? Send them a cash request. Simple. The only downside is that they can decline it. But, because sending cash requests are so easy (and free), you can just send another. And another. And another.

“Cash isn’t king anymore. Consumers typically pay hefty fees to withdraw and deposit cash coupled with the risk of theft, whereas mobile transactions carry significantly lower fees and charges” says Virgin Money’s CEO, Andre Hugo.

“Apps like Spot are changing the way we work with money. All you need to make a payment is someone’s phone number – no banking details – and the more friends you have, the better the experience.”

In a digital world, who needs cash?

There are pros and cons to everything and going cashless isn’t safe from a SWOT analysis. A big strength may be the safety of not having to carry cash, but until everyone’s on the same page, an equally big weakness could be inconvenience.

However, countries like Sweden have already embraced a cashless society, which makes you wonder if the future is closer than you think…

Want to make managing your money as easy as pie? Click here to download the free Spot app.