- Traditional money transfers have seen a shake-up recently as more alternative platforms gain industry traction
- Alternative solutions and digital disruptors give consumers more choice in cross-border payments
While cards, cash and traditional banking remain the most popular ways to send and receive money, make purchases and transfer funds, there's no denying the growing popularity of ecommerce, fintech and electronic payments. These alternative solutions offer consumers a simple, effective way to send money abroad for less.
Here are four alternative payment solutions making an impact on international transfers.
1) eWallet
eWallet technology gives users a way to store funds and pay securely with digital funds. PayPal is the leading eWallet platform, operating in more than 200 global markets with roughly 280 million active users. eWallets allow customers to store digital funds securely on the platform, transfer to traditional bank accounts for withdrawal, complete P2P transactions or make purchases directly from their account.
2) Mobile payments
Mobile payment platforms allow users to transfer funds or make payments via smartphone or mobile device. Instead of using traditional cash or a credit card, consumers can access a service called 'direct carrier billing', meaning they only have to provide a phone number to complete a transaction, or an app connected to a mobile payment provider.
3) Online banking ePayments
Online banking ePayment providers serve as a direct link between banks and merchants. This type of arrangement is preferred by online retailers, pay gaming sites and online casinos. Skrill and Neteller are two of the most popular ePayments platforms.
4) Alternative currency
Cryptocurrencies and blockchain technology have been gaining more of a foothold in the international transfer market lately, with a number of high-profile partnerships with traditional payment providers. These electronic currencies promise users faster, more convenient transfers with lower fees and fewer delays.
