Everything is changing in this digital era; automation is on strong wind move. Every sector is updating to new methods, and new trends are hiking in money transfer industry too. Now we are witnessing much crystal gazing and many new dominating the trends in the money transfer industry.
According to the Infosys total size of industry US$580 billion in 2014 and expected to grow to around the $600 billion by 2017. It is a plus point for industries who are thinking to apply the new trends in the money transfer industry.
Although new methods of money transfer are entering the market, traditional methods of transferring money through online remittance systems are still a favourite a choice for most people as they are reliable and well established. Online players like Instarem, have provided secure ways of transferring money in major corridors like money transfer from Australia to Philippines, Australia to India and many other Asian countries.
Social Media and Money transfer
Social media platforms are being used by money transfer and it is becoming trends in the money transfer.
Companies are allowing cross-border payments via various social media platforms like WeChat and Facebook. Now Facebook is offering local currency payments API to simplify purchase experience, exalts cash flow and makes easy to price virtual goods at a global scale. It has now extended to facilitate across Facebook users.
Almost all who connected to social media have done World Bank money transfer nearly 90% to friends and families.
The trend of New messaging-based communication player
Many money transfers are now connected and support peer-to-peer (P2P) payments inside the messaging app. The year 2016 has seen an increase in Trends in the money transfer. As many money transfer companies are progressing partnerships with social media players, who help them to offer social media based money transfer solutions.
Now, 2017 is going to be an exciting year for Trends in the money transfer where companies are going to offer newer markets with an aim to improve their revenue. Online transactions will be slowly replaced by the wallet apps in the next coming years.
The revolutionary facebook has launched new Trends in the money transfer which allows you to send money via messaging app and facebook messenger. It is just like another Venmo, SnapChat square services which readily lets you swap money to other people both near and far.
Facebook which is used by over 1.3 billion and needs no introduction and the messenger is serving around 500 million and these two combined to become one of the new Trends in the money transfer industry.
This service has already reached a vast number of people, with a high population to send and receive cash. To send money, you have to store your Visa or Mastercard details with Facebook. To receive money, the company explained, you have to do the same.
Virtual money and technology platforms are other Trends in the money transfer. They can cut costs, increase transparency and save time. So if you want to transfer money from Australia to Philippines, or to some other countries you can do so at the ease of your fingertips.
Blockchain technology – trends in the money transfer
Blockchain technology is the new underlying technology having a backbone of virtual currency bitcoins. World Bank estimated that over $430 billion US in money transfer were sent in 2015 through this new blockchain Trends in the money transfer service.
Now it is up to your imagination of high demand blockchain has. Anyone runs this network, but a decentralization of network operates user-touser. The blockchain technology is an anonymous online ledger that is connected to a centralized network. This is anonymous, so it protects the identities, making the platform more transparent and enables a more secure way to carry out transactions.
We will be witnessing more trends in the money transfer services soon.