The estimated annual money transfer services market worldwide is around US$600 billion. 2016 has seen continual stress on the existing brick-and-mortar, agent based business models and increasing focus on digital modes of money transfer. By an estimate,brick-and-mortar model based cross border money transfer accounts for 47% of market.This number is likely to get reduced significantly with the increase of smartphones that make online transfers more convenient and cheaper.
This shift presents a business as well as technological challenge for the existing companies which require robust technology platform that can support both traditional as well as the newer modes of servicing the customer.
On the other side,consumers are rapidly picking up smartphone based cross border remittances and payments due to the ease and convenience. Apps like Remitr Money Transfer offer hassle-free and unparalleled 24 x 7 convenience with better rates round the clock to send money to your home country.Compare this with traditional brick and mortar money transfer companies & banks, which customarily charged high fees and hidden costs on the exchange rate apart from physical visit of the consumer to the location of the money transfer company or to banks.
The best apps available in the market facilitate the transfer in literally in a flash. Now there is no need for constant follow ups, as the customers get automatic updates of latest offers and rates directly on their phones.
The new global remittance apps like ‘Remitr’ not only brings convenience to the consumers but also offers extremely secured means of international money transfers.
The apps have now become an instant and single window solution for all their international money transfer needs, providing steady access 24 x 7 without ever having to visit a bank or exchange counter.
What about security?
The involvement of money automatically brings in the issue of security. Facts and figures of data breaches breed skepticism that also keeps a considerable number of customers from taking to mobile money transfers.
And the fear is understandable.Putting your personal financial information details online is like making it vulnerable to not just value theft, but also identity theft.Considering that it is cross border, the risks are manifold.
Of course, there’s hope
It’s important that mobile apps that offer online money transfer services must address trust issues of the modern user, which include safety of his personal financial data along with a trustworthy transfer process.
The world of internet has matured into a place that is several times more secure than it used to be barely a decade ago. Cyber attacks get smarter, but so does cyber policing.
The technologies behind good remittance apps today offer not only user friendly experience but also unbreachable security.
Following are the differentiators of such an app or service.
- It’s usually associated with a regulated entity like a Banks or Money Service Business (MSB) or Money Transfer Operator (MTO) or Exchange House (EH)
- Complies with international as well as local regulations.
- It always offers more benefits in terms of speed and convenience.
- It allows you to monitor transactions through notifications and warnings by keeping tab of any unusual activity on your account.
- It uses bank-grade encryption for all data interchange.
- It doesn’t pass on any sensitive information, even to your recipient.
- It has a highly secure, scalable and performance driven cloud service architecture.
- It has a strong automated ID verification process to ensure no one else uses your account. A bio-metric or secure Mobile PIN (MPIN) guards you through all your transactions.
Mobile App security has moved very quickly from nice-to-have features to must-have features.
Whether you work abroad, or you are a merchant looking at expanding business at locations overseas, money transfer services following well-established guidelines bound to give a safe and smooth passage for your money, keeping your remittances completely safe.
Financial data has always been hackers’ target. With the convenience of mobile based money transfer, comes the risk of exposing your personal financial information to hackers who can exploit it in ways beyond your imagination. So, besides choosing an authentic service that promises genuine security of your transactions online, it is vital to learn the basics of internet and banking security in-depth, and deal with only ethical and security conscious offerings.