There are an estimated 2.5 billion people in the world that are not connected or partially connected to the banks. The prepaid voucher system is to target these people. The prepaid voucher industry has been growing rapidly over the last few years and is expected to reach 877 billion US dollars by 2017.
Money exchange rates play an important role in today’s globalized world. While businesses continue to grow and expand across the globe, it is becoming increasingly important that these businesses get the best exchange rates to fund their business activities. A company thinking to establish itself in a different country would want to keep a close eye on the exchange rates because it could mean saving a large amount of money.
Every year billions of US dollars are sent across the globe. The money remittance industry is huge and has been continually growing over the last few years. The money transfer industry has historically been dominated by few money transfer businesses like the Western union, money gram and Ria. But recently, with the advent of money transfer softwares, the trend of how money is sent has been changing.
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.”
The development of smartphones has surely replaced many things like a wrist watch, alarm or a calculator. Perhaps it is time, it replaces our wallets and changes the way we pay our bills, recharge our accounts and make other payments.
Mobile payment systems, developed only recently, are getting popular by each day. It is an easier, effective and quick way to take care of the bill payments and other transactions we do normally with cash, cheque or credit card. While it can be a bit difficult to carry cash or credit cards with us all the time, it is relatively easier to carry a phone which allows making payments as well.
With the advent of many e-wallet applications, a great deal of payments transactions can be made using our smart phones. A smart phone that is also a camera, an alarm and various other things including a payment system, makes life a lot easier. Imagine, there being no need to carry credit cards any more or use ATM machines, which can so easily be misused.
Mobile payment system is the latest technology that can actually change the way we work. From bank accounts, to gas payments and to school fees, all of this can be done via our smartphones. It makes life easy. Money can be securely transferred from one place to another part of the world using this system. The mobile payment system, or digital wallet as some may like to refer to it, can replace most of our cards that we use. For example, there are mobile systems that actually allow the user to manage its credit cards as well as loyalty cards.
The mobile payment system can help a great number of people in our society that are, for some reason, unable to visit the physical offices to make payments. For example, imagine a single mother, taking care of her kid, and still taking all the trouble of going to an office just to pay her bills. With mobile payment systems, she can sit at home, take care of her child and make all the payments using the mobile payment system. This, not only saves her time, but also makes her more efficient.
The mobile payment system is the new phenomenon in today’s world that is slowly taking over from the computers. Increasing number of people are switching to mobile payments. Increasing numbers of businesses and application making agencies are working to make mobile payments more secure and easily accessible. It wouldn’t be surprising to see that most of the transactions are carried out through mobile payment services in the future.
Today’s life is fast. In a fast world, it is most convenient to be able to do things, like recharging various day-to-day accounts, online rather than taking time out, going physically to a place and paying a bill.
While most of us are busy with work, family and friends, it is most of the time convenient to be able to pay our bills, shop, recharge our prepaid mobile account and various other day-to-day accounts by simply using our smartphones. With the advent of internet and with tremendous growth in technological innovation, a great many aspects of life have become online. For example, online banking give us the freedom to access our bank accounts from around the world, similarly money transfer applications, designed to be used on smartphones, provide the platform to send money across the globe with a mere touch of the screen. Paying our bills and recharging our other accounts, like paying TV bill, have all become easy. All this saves time.
Time is what our generation doesn’t have. We are almost always busy in one thing or the other, and in the process lose various deadline for compulsory payments. It is easier to make an online payment than physically paying our bills. A simple example of this is online grocery shopping. While it may be difficult for most to actually go to the store and do grocery shopping, it is a lot easier to sit at home working on your laptop, sipping your favorite coffee and doing your grocery shopping. The delivery system makes everything available at our door steps.
Most of us use smartphones for various reasons; be it for social networking, for internet searches or for downloading music. Technological innovation combined with a need to do things quicker, along with lack of time, have made recharging through mobile apps the new trend in our society. Trend not because it is fashionable to be using ‘smartphone’ to connect to the world, but because it is on-the-go, easy and very convenient. A person travelling in a bus can actually use his/her smartphone to pay its gas bills, or a person walking in the park can actually recharge its accounts. All this saves time, energy and makes life a lot easier.
Recharging through mobile apps is the new phenomenon in today’s world. Smartphones have brought the internet to all our pockets, and internet has brought the whole world information to us. It is now no need to go to the bank or money transfer business to transfer money, an app can do that and it is highly secure. We do not, now, need to pay our bills by going to an office, this can be done with a mere push of a button.
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. Read more
Although running a money transfer business can be incredibly profitable, as you get to earn mouth-watering margins on each transaction made by your customers, you simply cannot reach your full potential using traditional payment methods. Your processes and daily operations are likely to be slow, which in turn makes it harder for you to expand your profits and vision. However, with a superior alternative, like money transfer applications, available, not only can you make things easier and convenient for yourself, but also your customers.
Commerce is not what it used to be, as industries and markets have changed rapidly and have evolved beyond measure. Wallet applications have become increasingly popular and are the new generation of online payment systems. The reason is simple: they offer a range of benefits. Let’s look at some of them:
We perceive almost everything virtually in this information era. We travel to different places virtually, make virtual friends, enjoy virtual reality and even shop from virtual platforms. As a matter of fact, virtualization is growing at breathtaking pace and we can expect to see a lot more common in the next few years or so.
Keeping this in mind, it really doesn’t come as a surprise that we have started transacting our money in this way. Through electronic voucher systems, we can recharge mobile phones, book tickets, pay bills, buy lotteries and purchase in retail stores with e-money. Simply choose a service, punch in your information, and get your vouchers!
Our money transfer software provides a comprehensive solution to manage and automate every aspect of your money transfer business. From bank manager to customer, our feature rich solution is an easy to use, robust platform that will serve as an asset to your business’ daily operations.
You have no restrictions. Allows your customers to send money on the move and at any time through their computer, tablet or smart phone.
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