The Importance of Online Money Transfer Services During the COVID-19 Pandemic
The majority of people use money transfer services to support families abroad, helping them to pay for their daily needs. This COVID-19 pandemic has created plenty of new challenges for the individuals and businesses, with industries severely impacted – meaning regular income and financial security is in doubt for many families.
So, faster and safer ways to transfer money is a high priority for the whole world. There is a wide range of online money transfer services and peer to peer payment apps available to the diaspora, which are proving crucial for families during the COVID-19 pandemic.
Using online money transfer solutions allows people to send money quickly and securely from the safety of their homes, without needing to go out to banks or remittance agents, or use cash for transfers abroad. Online money transfer services and mobile remittance apps are a cheaper option too, as the majority charge smaller fees on money transfers to different countries.
Different nations around the world are at various stages of the pandemic. The restrictions and lockdown measures vary from country to country. So, when sending money to loved ones abroad, make sure you’re choosing the safest option. You may be used to transferring money in-person rather than online or via mobile, perhaps using cash to wire money to family abroad.
However, we recommend using online money transfer services during the coronavirus pandemic, even if it’s a change from the norm and if you are not used to using online methods of managing your finances.
How COVID-19 Pandemic Affected the Customers of Money Transfer Companies
Heading down to a brick and mortar office is not a good deal in the times of COVID-19 pandemic. As the COVID-19 continues to grow, one thing is clear: the economic and human impact of this virus is significant. In the first place, coronavirus is drastically changing how consumers shop.
They are becoming more cautious about shopping in public places, and since many people are working from home, which is causing changes to how they shop and how they make payments. Sudden spikes in payment processing need consequently might cause challenges in handling for both merchants and payment processors.
As per statista, digital wallets users could go to 100 million by 2020. This shows that consumers are ready to welcome digital wallets and contactless payments.
Let us see how can digital money transfer software will help you to increase your profits :
Why You Need Digital Money Transfer Software for Your Business?
1. Payments with Social Distancing Norms
To adhere to social distancing restrictions, people are opting to split grocery shopping responsibilities with family, roommates, and neighbors. When two or more persons are paying for something, sometimes it happens that one person will pay more and the other one pays less. Peer to peer apps has made the work of splitting bills easy by providing the ‘Split’ feature so that there will be no confusion in payments.
Sending financial support to family and friends is another growing use case during this pandemic. This could mean splitting the cost of supplies or simply sending funds to those in need.
2. Makes Your Services Convenient for Your User
An online mobile money payment solution makes the customer sending money without any limitations of the time. It has also erased the boundaries between the nations concerning online payments. You can also offer easy payment and payout methods in your digital money transfer app to fasten up your money transactions so that it will not get delay.
You can help your users to resume their business activities and maintain the liquidity in the business till they realign their efforts to ensure an accelerated return to full activity. The mobile money payment solution will help you in achieving this goal and also lessen your money transfer expenses.
Digital payment frauds have also been increased in the COVID-19 pandemic. You must have to update yourself about the updates in fraud controls against changing consumer behavior. Digital money transfer apps use enhanced payment protection tools for making your transactions more secure.
3. Easy to Convert Currency
People around the world are using digital money transfer solutions for their daily needs. Sometimes the issue of currency conversion happens as every country has its currency.
For example, If a person living in the United States sends money to his family in India, then his family needs to convert the US dollars into Indian Rupees. This can become complicated sometimes as the exchange rates change constantly.
The Digital Money Transfer Software easily converts the money as per the prevailing exchange rates of the respective country.
Summing Up
As discussed, digital money transfer solutions are proving vital during the COVID-19 pandemic. They are the safest way to send money abroad right now. We don’t know how long the coronavirus will impact our lives, and there may be a knock-on effect long after the crisis eases. Getting used to using online platforms and apps to manage your finances and transfer money safely abroad will take a lot of pressure off you and save you time and money.
Mobile money transfer apps have emerged as a popular modern method of money transfer, and the global pandemic has triggered a surge in FinTech app usage.
If you haven’t used a money transfer app before for global remittance, there is no better time than during the coronavirus pandemic, where we are encouraged to stay at home and keep our distance from other people.
