In general, innovations in the financial and economic sector take place with years and years of efforts and hard work. This commonly seen phenomenon was literally uprooted by the Covid-19 pandemic.
Digital transformations that usually happen in years and decades occurred within the matter of a few months. All industries including financial services made a major and sudden shift towards digital money transferring facilities for their valuable customers.
So, 2020 made us witness the immediate shift of all sectors towards technological advancements, including digital money transfer and payments. How about 2021? Here let us discuss what would be the booming effects of online money transfers in 2021.
- Offers frictionless customer experience Frictionless customer experience means the ability to conduct money transactions without much hindrances and time lags. If one goes to a bank or an agent to transfer money overseas, numerous steps and procedures will cause heightened troubles. As people were used to this long tiresome process, they went along, but not anymore! Online money transactions offer frictionless customer experience through which they can transfer money in a few clicks.
- Increased security and compliance methods As the demand for online transactions is rising more than ever, it became the responsibility of the remittance provider to increase security, authentication and advanced compliance methods to ensure 100% data integrity and security of money transfer. Secure payment portals and mobile apps can detect fraudsters and enhance double protection against all.
- A step towards a cashless society People are increasingly in the way of realising the necessity of a cashless society. Covid-19 has generated the fear of spreading the virus, which led people to choose contactless/touchless payment methods. The continuation of these touchless online payments in 2021 will make our dream of a cashless society even closer.
It is surely expected that international money transfers will undoubtedly rise above the sky in 2021 with the booming effects of online payments. Online overseas money transfer across the national borders was never this easy in the history of the remittance industry.