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The financial sector has been totally overhauled with the large scale adoption of digital technology in recent times. This is certainly true of international payments, where a slew of new-age digital companies are making international money transfers easily accessible to everyone. Increasingly, the traditional international payment enablers like banks are feeling the heat, what with these new age outfits enabling instant and secure international money transfers at better terms.
The use of blockchain technology with its distributed ledger and smart contract technology is making instant and secure payments the hallmark of some of these new-age international money transfer setups. If you were to use a money transfer comparison tool such as the one offered by Money Transfers.Com, you would realize that the new technology-based money transfer companies offer way better terms than some of the old and established legacy institutions.
Let us look at the trends that are expected to dominate the international payments sector in 2020:
Mobile Payments
The sheer convenience of mobile payments will ensure that more and more people will make it their preferred method of carrying out international money transfers. The use of API’s (Application Program Interface) makes seamless and unified mobile payment possible, leading to a very satisfying consumer experience. Why would anyone visit a bank or an international payment store, when all that they need to do to make an international payment is to whip out their smartphones and make a payment from wherever they are to wherever in the world they want to send it to?
The Digital-First Generation Will Show the Way
The digital-first generation comprising millennials and Generation Z are expected to come into their own when it comes to adopting digital means to make international payments. They are not likely to care for the old cumbersome world of cash transfers involving personal visits to payment stores and would rather be making their payments using their laptops and smartphones.
Modern Payment Providers Will Facilitate eCommerce
This trend has been visible for some years now and will only get accentuated in 2020 and beyond. Modern cross-border digital payment providers like PayPal, Payoneer, WorldRemit, Stripe, Paymill, Authorize.net and so on are helping millions of small businesses around the world expand their markets globally. One can only expect this phenomenon to grow in the times ahead.
There are a number of modern tech-savvy international money transfer companies that are expected to come to prominence this year and beyond, based on their excellent offerings for their customers. Let’s look at some of them:
XE Money Transfer
They offer their customers the ability to make same-day transfers to most of the 170 countries that they serve. Add to that the fact that they can transfer currency to virtually any currency in the world and you sure have a very useful money transfer service at your disposal. Being an online company, they offer their customers the great convenience of carrying out their transactions from the convenience of their homes or workplaces. Their popularity can be gauged by the fact that international money transfers worth tens of billions of dollars are carried out via their service.
OFX
What customers like about this service is the fact that they do not charge any transfer fee on the online money transfers that they enable. They transfer money directly via their customers’ debit cards or by enabling wire transfers. Another noteworthy feature of this service is the fact that they track their clients’ payments and even maintain their transfer history.
TORFX
This is a much rewarded U.K. based international money transfer company. They are quite popular on account of their charging no transfer fee and offering very good exchange rates. Setting up an account on their website takes practically no time. This entitles you to be assigned your very own personal account manager who will advise you on the best terms possible for your transfer. Safety and security are the hallmarks of TorFx, what with their having been authorized by FCA and granted a level one rating by Dun & Bradstreet.
Conclusion
New age technology will be the driving force in the growth of the international payments industry right through 2020 and beyond. This can only augur well for people who use them on account of the greater convenience and lower cost of transactions that the new age service providers will offer.
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Contributed content
Founder Dinis Guarda
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