The money transfer industry has dramatically been transformed by modern technology. A few years ago, it was almost impossible to believe that people would be able to send and receive money instantly one day. But the advent of mobile phones and computers has changed everything.
Technology through the internet has led to the rise of various money transfer services that allow users to send and receive money across the world. Long gone are the days when sending money abroad took days or even weeks before the other person could receive the money.
If you are wondering where to get a money order, all you have to do is check the available service providers over the internet.
What has fueled the growth of digital payments?
Many factors have led to the rapid growth in digital payments across the world. Here are some of the reasons:
- Changing customer expectations and preferences
The convenience and speed of online shopping or e-commerce have somehow changed customers’ expectations when it comes to payment experience. In a world where technology is fast-advancing, customers always expect faster services – something that has shaped digital transfers in the recent past.
- Legislation and regulation
Various regulations have also shaped the framework where consumers and service providers interact, make payments, and exchange data. Most governments around the world promote innovation while protecting the rights of consumers and providers as well.
- Collaborative developments and competition
Money transfer companies are always competing when it comes to offering the best services to their customers. Such competition has fueled service providers to develop sophisticated payment technologies designed to provide the best customer experience.
- New entrants
The money transfer business is lucrative, and new players are joining the bandwagon every year. This has brought transformation in the payment sectors in different ways. While the new entrants want to take over, traditional payment service providers are also fighting for continued dominance.
Old age money transfers Vs. new-age digital payments
As mentioned earlier, there has been a lot of transformation in the money transfer industry, courtesy of technological advancements.
Here are the trends impacting the traditional payment systems:
- Smooth and easy transactions
With digital payments, there’s no need to queue in line for several hours to send or receive money. Anyone today with a bank account and smartphone can send or receive money in a matter of seconds.
- Reduced use of hard cash and increased transparency
Digital payments eliminate the need to carry cash around while promoting transparency.
- Better business opportunities
Digital payments have brought numerous opportunities for business as companies can expand and attract customers from all over the world.
- Faster remote transactions
Before the new age-digital payments, people used to rely on traditional banks and other transfer services to send money. This was not easy because it could take days or even weeks before the recipient could get the money.
There’s no doubt that there’s been a significant transformation in the money transfer industry. There are now several new-age digital service providers that you can choose from.