How did technology change financial transaction processing such as remittance?

  • ERemit
  • 2 minutes read

Beginning with the simplest explanation, a remittance is a transfer of money to a friend or family member in another country, most probably in their home country. Millions of people across the globe depend on remittance money to fulfill their basic expenses of household goods, food, housing, education and healthcare costs.

In contrast to the traditional remittance methods of customers waiting in line for several hours just to get money wired, which also constitutes huge transaction fees, today people transfer money online with the help of technological intervention.

So, here let us see how technology created an evolution in financial transactions:

Two major milestones that transformed the face of remittance and all financial sectors would be the rise of mobile and digitization of money. They entirely flipped the way we manage and move money. Usage of mobile phones is rather prevalent in most countries, even the developing ones.

Thus, mobile banking has enormously helped to reduce the cost and effort associated with conducting overseas transactions. Mobile banking is breaking down all transaction barriers making it more convenient, secure and affordable.

A few swipes on your mobile phone get the money transferred, how amazing is that? It also has a notifications feature that is a huge relief to the customer as they receive SMS notifications or email notifications when the money has arrived.

The emergence of cross-border money transfers in line with bank transfers and wire transfers is indeed an important frontier in the remittance industry. Why? Because these services truly try to democratize financial services for more consumers around the globe.

The best online money transfer in Australia is well-known to employ robust technologies to protect and secure all personal and transaction information of the customers, minimizing fraud attacks to nearly zero. No one can tell those technological inventions that can happen overnight, current progress might become out of fashion in the next decade, who knows for sure. So, make use of the advancements for your ease and comfort.