Recent changes in technology, and a general rise in the amount of time that people are spending on their mobile phones and smart devices, mean that more people are looking to make payments via their mobile phones using apps. Increasing working pressures; alongside the amount of time people are spending in work these days; as well as balancing these with family commitments; has driven the surge in demand in mobile apps in the foreign currency payments sector.
Typically Millennials and Generation X are quick to adopt this technology, but baby boomers are starting to adapt to the technology, although not as quickly. This fits with demographic expectations, as the baby boomers are still identified as the cash carrying generation, as opposed to Millennials, who rely mostly on card or digital wallet transactions.
Providers are responding to this upturn. Developments this year have seen the roll out of TransferWise’s bot for Facebook Messenger, where currency payments can be made through the bot, without having to leave the social media site. You can make foreign currency payments in US, UK, Canada, Australia or Europe. Other providers like Revolut offer the ability to make currency transfer payments through SMS or even WhatsApp.
- Read our reviews on Mobile Money Transfer Apps
Tech disrupters are turning the foreign exchange money transfers industry on its head and finding new ways to adapt current technology. This week it was announced that B2B payments could be achieved same day, from USD to GBP, through a link up between American Express, Santander facilitated by Ripple. This is being achieved through the same technology that recorded bitcoin transactions, through a digital ledger known as a blockchain.
- Read our latest news on the money transfer market
And with significant growth in use being reported in the area of mobile banking app; Fintech solutions and digital wallet services; we can expect more developments to come; to speed up the currency transfers process. People want an easier way to transact and make foreign exchange payments which fits in with their schedule and fractured downtime.
Hesitation by providers to fail to innovate and embrace fintech advances could prove costly, in the on-going battle for customer’s currency transfers
