Mobile Money Transfers: Top 5 Trends to Look Out for In 2020
The concept of using money to satisfy many human needs has gone through remarkable changes. Probably you are well-acquainted with traditional ways of making transactions like the barter system. With the advent of the internet and tremendous developments in the finance sector, you can these days use Bitcoin to trade.
A lot has graced the money transfer sector. Today, most people are using the concept of currency and going to cryptocurrency. Indeed, there is a lot the global market is yet to see. Mobile money transfer solutions have become the in-thing, and digital money has solved many of transaction problems.
It has become easy to lay down platforms that offer a means to create numerous payment methods and make the process more convenient. Digital wallets have gone on to become the most convenient way to send and receive money. For instance, in 2018, digital wallet transactions reached more than $4 billion, and the trend is expected to reach more than $13 billion by 2022.
Surprisingly, innovations in digital wallets are just gracing the market, and more mobile money technologies will emerge. These money transfer platforms will make digital payment more convenient and secure. With this in mind, here are the top 5 trends to look out for in 2020. Have a look:
Cryptocurrency Wallets
Millions of cryptocurrency wallets have been created, and the number of people using this platform has surged tremendously. Small-to-medium businesses use this digital payment platform. If you opt for this platform, you will come across millions of cryptocurrency wallet app solutions you can use to do your transactions.
What many people using cryptocurrency wallets for the first time may not know is that this is a software program to use and send or receive digital currency. This program stores personal and public keys as well as interacts with the blockchain. This technology makes it easy and convenient to send and receive digital currency as well as monitor your balance and all transactions.
For instance, if you look forward to using Bitcoin or any other form of cryptocurrency, you will need a digital wallet. All the records of transactions undertaken are stored on the blockchain, and funds will be transferred to the address of your mobile wallet. The use of cryptocurrency wallets is one of the exceptional mobile money solutions as there is no actual or physical exchange of real coins.
Smart Speaker Payment
Amazon launched the first smart speaker in 2014. Google and Apple later followed the trend and introduced their own smart speaker models. Since then, many people have gone on to use this technology and for many purposes.
Today, smart speakers stand out among the best money transfer platforms to embrace. You don’t need to log into your online banking platform and make payments. Through voice commands, you will have a powerful and convenient way to make purchases and payments.
Through smart speakers, you will not only make payments comfortably, but also get rid of many barriers in the payment process. With such a technology in place, 2020 proves to be a great year to improve your mobile financing undertakings.
For instance, using Amazon Echo, you can easily place orders on different shopping platforms as well as strike deals with many vendors. In essence, the use of smart speakers for payment is surging at a rapid rate and an excellent trend to keep an eye on.
Near-Field Communication (NFC) Payments
Near-field communication technology is a blessing to many millions of people worldwide. This technology is used to exchange data between payment platforms like android Pay eWallets and Apple Pay. You can use this technology to make contactless payments using your mobile phone, tablet, laptops, and other devices, but when in close proximity.
You will successfully make a transaction if the reader and payment device come close and are activated. The process presents a fast checkout flow that is secure and convenient when making payments. What many people may not know is that NFC is one of the incredible cashless payment solutions that do not embrace the PIN technology. It instantaneously transfers the encrypted data to the respective device.
You can use NFC payment platform for various applications. For instance, you can use this technology in all public transport depending on the option you have. You can use this technology if you are using tube stations and buses by tapping your travel card and make payment.
Sound Waves-Based Payments
If you extensively explore and use your smartphone, you are probably well-acquainted with sound waves technology. With this technology, you can efficiently process transactions without an active internet connection. Using this technology, you will process transactions via sound waves carrying encrypted data.
The sound waves to use originate from a terminal carrying the encrypted data to your mobile phone. Your mobile phone will convert the data into an analog signal, which concludes the payment. You need a simple software installation, and you don’t need additional hardware. Hence, sound wave-based payment technology is cost-efficient and effective.
International Remittance Transfer
Probably you have received money from a relative, family member, or a friend working in a foreign country. If not, then, there is a lot to know about international remittance. Mobile money transfer technology is shaping how people sent and receive money today.
International remittances have reduced the cost of sending money from abroad, and it has also strengthened ties between family members. Mobile money has presented many people with a means to facilitate international remittances. Significantly, you will come across many people figuring out how to build mobile payment app to utilize this money transfer technology.
International remittance is one of the best digital payment trends that you will like to be well-acquainted with if you have a loved one working abroad. This platform will present millions of people with a means to facilitate international transactions as well as reduce their cost.
It’s wise to also know about the different peer to peer payment app you can use to facilitate your payments. In light of this, according to the World Bank Migration and Development report, remittances to low and middle-income countries will continue to grow in 2020.
In Conclusion
Mobile money transfer or digital payment solutions are the in-thing and have significantly impacted the global finance industry. To effectively use any of these digital money transfer trends, stay well-acquainted with the top-notch technologies gracing the market. Also, it is imperative to choose a payment app compatible with your mobile phone or any device you use to do a transaction.
