An increasing amount of money will be sent around the world over the next two years according to World Bank; and Money Transfer Applications will have a big role to play.
Every year billions of US Dollars are sent across the continents. In 2014, the total amount of remittances reached$583 billion. In 2015, global remittances are expected to grow by 0.4% to $586 billion. Money sent to the developing countries alone is expected to reach $440 billion in 2015 – an increase of 0.9% over the previous year. Although remittances have grown in 2015, it is the slowest growth since the financial crisis. But in the next two years, the remittances are expected to grow rapidly.
The remittances industry is expected to grow by 4.1% reaching an estimated $610 billion in 2016, and rising to $636 billion in 2017. Increasing number of migrants along with decent economic recovery in the world will add to these figures. According to World Bank, “the number of international migrants is expected to exceed 250 million in 2015, and their savings and remittances are expected to continue to grow.”
Amidst increase in remittances figure and good economic growth in the developed countries (a source of most of the remittances), money transfer industry is set to grow at a rapid rate as well. The numbers stated above needs a medium to be transferred; especially to developing countries. It is the money transfer businesses that will eventually have to pass these massive amounts from one place to another. Thus, money transfer applications, or apps, will have a big role too.
It is continually getting difficult, in our fast-paced lives, to manage various activities at the same time. This is why mobile applications help us a great deal. Paying various bills, recharging our accounts and transferring money, are few of the many things we can do through our mobile phone applications. The Money Transfer Application allows a user to send its money from one place of the world to another through its smartphone applications. These applications are specifically designed for money transfers and are highly secure. Sending money through these apps is quick, secure, reliable and easily accessible.
This sort of technology allows an International Migrant, suppose working in Europe; to send money to, let’s say India, without even going to the money transfer businesses. It is secure because of the high security embedded into the application, and is user friendly. The money transfer application, not very common relative to physical money transfer businesses at the moment, is expected to be the next big thing in the money transfer businesses; especially with the large volume sent across the world which will put stress on physical money transfer businesses. That is when Money Transfer Applications will have its big impact.