The world is changing fast, it is the age of technology and like many other businesses technology is changing the face of money transfer businesses.
As the world has changed over time, adopting new means of communication, transportation and information sharing, the face of businesses have changed dramatically over the years. For example, previously, postal letters, then telegrams and faxes were used as means of businesses communication, now it is email, electronic online databases and recently mobile applications.
The money transfer industry is perhaps the latest to adhere to this change. While money was previously transferred through telegrams, exchange businesses and others, which would take a lot more time and involved a great deal of clerical work, today money can be transferred from one part of the world to the other through a smart phone. In recent history, money has been traditionally transferred through agents and money exchanges. However, with the progress in technology, money can now be transferred through money transfer applications downloaded on your smartphone.
‘Why should I transfer money through a mobile application when I have reliable money exchange offices all over the world?’ one may ask. Well, the answer is simple. Because it is more convenient, involves less clerical work and is secure. Money transfer application allows a user to send money sitting in his/her living room from one part of the world, to let’s say, a small village in some less known country. The money transfer applications, although differently designed by various businesses, allows the user to enter his/her details once and send money to almost anywhere with a mere push of a button (or in case of smart phones with a mere touch of the screen). While visiting money transfer businesses (offices) may not be convenient for many people as it takes a lot more time; especially looking at the rapid pace of our societies and increasing lack of time, the money transfer app is an in-pocket money exchange business that can be carried anywhere we go. Money transfers apps are highly convenient.
Businesses associated with money transfer can improve their businesses a great deal using these apps. The money transfer applications can be designed specifically for each business taking their needs and demands into consideration. For example, a business might want to have an option within the application to categorize the money transfer transactions into daily, weekly and monthly volumes. Various applications have online exchange rates and can help find out the best exchange rates for the businesses. The applications can help organize the businesses, increase knowledge about money transfer businesses around the world and connect to its customers. So rather the customer come to the business, the business can instead reach the potential customers.
Money transfer application is a new global phenomenon in the money transfer world. It is easy, convenient and makes doing business a lot easier. It can help with expanding the business and attract more customers. The money is securely transferred through strong security of the apps.