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What is NEO-Banking ?

A neo bank is a bank that operates entirely digitally and online. Fintech organisations that provide digital and mobile-first financial solutions such as payments and money transfers, money loans, and more are known as neo banks. As a result, neo banks provide a wide range of digital and mobile financial solutions, such as:

. Checking and savings accounts.

. Services for payment and money transfer.

. Loans for individuals and Companies.

. Other services, such as budget support, are available.

Why Neo-Banking ?

As customer satisfaction and experience have become more important in the financial sector, a gap has emerged between what traditional banks offer and what their customers demand from them. As a result, neo banks are eager to fill that gap in the market.

Neo banks credit their rapid growth and low expenses to technology because they don't have branches, their maintenance costs are low, resulting in reduced commissions and more dynamic client service. Furthermore, because all transactions are conducted online, neo banks can fill a market needs those traditional banks are unable to fill.

One the one hand, neo banks appeal to the growing number of people who expect to be able to conduct their banking through their mobile phone without having to visit a bank branch or wait in a queue.

On the other hand, neo banks are also the perfect solution for SMEs that require online financial services such as a payment gateway, billing software, and multiple perspectives on cash management.

Prepaid Gift Card

The money on a prepaid gift card is spent according to the amount there is on it. If the balance on the card reaches zero, you can reload it online.

A neo bank is a digital/online bank without any physical presence. A neo bank is a digital/online bank that doesn't have a physical location. Neo banks are fintech firms that specialize in digital and mobile banking, payments and money transfers, money lending, and other services. Therefore, neo banks provide a diverse range of digital and mobile financial services, such as:

.A prepaid gift card can be a convenient substitute for cash.

.For those who do not have a credit card or access to a regular debit card linked to a bank account, prepaid gift cards are an option. A prepaid gift card works just like cash, and in some cases even better.

card or access to a regular debit card connected to a bank account.A prepaid gift card is as good as cash and sometimes better:.

. It’s a secure way to carry cash.

. Online purchases can be made with a prepaid gift card.

. It can be a more tempting gift than cash.

Prepaid Gift Cards vs Debit Cards

A regular debit card limits the amount of money you can spend based on how much money is in your bank account. You need a bank account to use a regular debit card, but you don't need one for a prepaid gift card. As money moves into and out of your checking account with a regular debit card, your available funds will fluctuate from day to day. If you use a prepaid Gift card, you have a fixed amount of money to spend, which decreases as you spend the money and increases only if you reload it.

Prepaid Gift Cards vs Credit Cards

By using a credit card, you are borrowing money. Generally, prepaid gift cards are used to spend money that has already been loaded onto the card.

Apexpay Technologies Private Limited is a name you can bank upon to delgate the responsibility of taking care of your business's money management.

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