Is it safe to have my money on a digital platform?

safe to have my money

Talking about digital financial platforms is an increasingly common topic among people who handle financial tools and society in general;
However, there are still many buts on the part of the population when hiring one of these services.

The fear generated by making the leap from traditional banks to digital platforms is usually rooted, mainly, in the face-to-face factor: if we do not have another person in front of us providing the service, we automatically think that it is a scam. If there is no branch to go to in person, we are not confident enough to register. 

In fact, these thoughts make us not see the advantages they offer us, such as much faster and more efficient responses -compared to waiting hours in a branch-, time savings and ease of procedures, as well as clarity in our transactions and services hired by being reflected on our cell phone.

That is why, to end the darkness that surrounds these issues, at Oyster we took on the task of answering the most common questions, doubts and concerns when talking about a digital financial platform and, with it, realizing that They are not as they are painted.

Who supports me?

All the cards and the services they offer are backed by a bank, be it traditional or digital. The management of your funds will be carried out by a financial institution with the laws and obligations of any other, but totally online and without the need to go personally to a branch.

The moment you want to contract the services of any digital financial platform, you will be able to access the information of the institution and which financial entity will be in charge of giving you the support you need. In addition, all interactions that exist between you and service providers will be regulated by the National Commission for the Protection and Defense of Users of Financial Services ( Condusef ), so do not be afraid 😉

Why is there no branch?

As we mentioned earlier, the fact that there is no branch is more good news than bad. The first one is that, by not having to invest resources in maintaining a branch -or several-, the costs of the services decrease drastically, so that the vast majority of the options in the market do not charge you maintenance fees or demand a minimum balance.

On the other hand, attention becomes much more agile by being digital: you can contact an advisor or chat with the technical support team no matter where you are, since you only need the help of your cell phone and Internet connection.

Even the process to open a card is more agile with these institutions: what takes hours - and sometimes days - to traditional banks, you can do it in minutes from your cell phone. Travel times are reduced, physical contact is avoided and safety is weighed by not having to go personally to a specific place to carry out a procedure or handle cash.

How do I dispose of my money?

Just because it's digital doesn't mean you can't access your cash. Most of the institutions that offer this type of service give you the option of requesting a physical card -which comes directly to your home-, with which you can make cash withdrawals at ATMs.

It depends a lot on the institution in which ATMs you can make withdrawals and the required commission, but there are financial entities that allow you to dispose of your cash without commissions and with a greater coverage of ATMs around the Mexican Republic. All you have to do is ask well before hiring and see which option is best for you.

What about security?

Many people consider that making transactions with a digital card is not safe, but this thought could not be further from the truth. In fact, digital cards give you more security options than you might think.

In addition to the basic characteristics of a card that help prevent fraud , most applications offer the option of turning off your cards, even physical ones, so you can be sure that they will not be misused if you lose them. In addition to this option, you can block or cancel your cards in seconds, and even report them if necessary. This does not apply only to physical cards; You can also do it with your digital cards.

Speaking of digital cards, many financial institutions are opting for the option of creating digital cards for your online purchases; By using them, you protect your bank details from possible fraud and do not allow your information to be cloned by having disposable access codes that are used for a single transaction.

It all sounds great. It is real?

In short, having our money in a digital financial platform offers us so many benefits that they seem too good to be true, but they are.

Your task is to identify the options that best suit your needs or those of your business, investigate what their terms and conditions are, and make an informed decision before clicking the I Accept button . But, with the information that we have just put on the table, you can trust that it is safe to have your money in a digital financial platform.

Oyster is not just the financial platform made by entrepreneurs for entrepreneurs; We are a group of professionals who care about the growth of small and medium-sized Mexican companies. Therefore, in addition to offering useful tools for managing your business finances, we provide you with relevant information that can help you make better decisions regarding your business.

Stay tuned to our blog and learn more tips that we have prepared for you. At Oyster, we want to see your business soar through the roof.