- Mobile transfers and online transfers predicted to rise in the New Year
- Bank and fintech partnerships also looking to become more prominent
International money transfers play a significant role in the global economy and the remittance industry is poised to benefit from innovation and emerging technology. The following are some of the top trends expected to influence international payments in 2018.
Mobile transfers
Perhaps one of the most prominent trends in the coming year will be an increased dependence on mobile payments. Sending money abroad has traditionally been a slow, complex process requiring senders and recipients to travel sometimes incredibly long distances to brick-and-mortar locations, and transactions could take days to arrive in a recipient's account. All that time and inconvenience has been wiped out by the emergence of mobile money transfers — users can send or receive money directly from a connected bank account in minutes with just a few clicks, and funds are often available in less than an hour. Sending money through a mobile service means faster payments, lower fees and improved user experience.
Online transfers
Internet payments have been around for some time, but they are becoming increasingly more popular than bank transfers and are almost certain to gain even more traction in 2018. Sending money online is already faster and cheaper than traditional remittances, and the transparency of each transaction is an attractive feature for consumers. Online service providers include full transfer details with every remittance, including fees and exchange rates, so users can properly budget before sending any money abroad.
Bank and fintech partnerships
Though mobile and internet transfer providers are making an impact on the international money transfer market, many users who regularly send funds to family and friends abroad still prefer the stability of traditional banks and financial institutions. 2018 will see an increase in partnerships between large banks and alternative service providers to give users more options when it comes to depositing or withdrawing funds. Mobile and internet operators will also forge new relationships aimed at improving user experience — making it possible for someone to send money from an online bank account to a mobile app, for example.
