Technology is an integral part of our daily lives today. Undoubtedly, it has created an impactful change to our daily lifestyle. Technology has changed the way we work, communicate, entertain, pay bills and transfer money. Take the money transfer industry for instance, technology has changed the whole way of traditional money transfer and shifted it towards online money transfer, commonly known as digital remittances.
1. What is a Digital Remittance?
Digital remittances are cross-border money transfer transactions that are conducted solely on the internet by migrants using smart devices. Since, sending money back home is a real need of migrants living and working abroad. However, with lockdowns restrictions, many people have had to switch from traditional money transfer to online money transfer in order to provide financial aid to their loved ones in their home country.
2. How does Digital Remittance work?
In order to do a successful digital remittance, at first you have to pick a money transfer agency of your choice. After that, you will have to sign up with them in order to use their services. Due to technology advancements, the signup process has been made pretty much simple and hassle free. On signup you have to enter some information related to your bank account details, email address, and some security questions to keep your profile highly secured. As you set up the profile you may enter your beneficiaries’ details and start enjoying the convenience of digital remittances.
3. Digital Remittance ensures Safe Transfer of Money
Due to technology advancements digital remittances have been made highly secured. Dual factor authentications, secure 4–6-digit codes, secure pins or passwords and security questions have made the whole process strongly guarded. After the transaction has been made, no matter the method chosen, the transaction takes a basic route to complete the payment cycle and then the funds will be transmitted to the recipient’s bank for processing. On the other hand, the payout location or partner in the recipient country receives instructions from the sending service to deliver the funds in the specific way the sender has asked for. Briefly, this is how digital remittance ensures a safe money transfer from sender to beneficiary.
4. Benefits of Digital Remittances
One of the greatest benefits of digital remittance is smoother experience and higher satisfaction. Exchange rates, service charges or remittance fees everything is displayed online. You have an open choice to check the market and pick the service that offers the best exchange rate. Convenience is another big advantage of digital remittances. You don’t have to go to the physical location to transfer money. Apart from convenience, near real time transfer of your money is another benefit of digital remittances. Unlike traditional remittances the digital remittance services offer better rates and a lower fee which reduces the overall transaction cost. Transaction tracking is another advantage of digital remittances, you can stay connected every step of the way.
Through email notifications you can keep the record of every digital transition. Moreover, with money transfer mobile apps the convenience of sending money is at your fingertips, you can send money on the go.
5. Expected Growth of Digital Remittances
As little as ten years ago, the money transfer industry was dominated by just a few names. However, today we can see several new digital money transfer providers entering the market and shaking things up. They’re constantly coming up with quick, reliable, and easy ways to send money worldwide. Instant money transfers are now possible as automation ensures that there are no delays in payments. Just one example is World Pesa, where one can send and receive payments conveniently. With World Pesa the sender has the option to send money in almost all major currencies. While the beneficiary has the option to receive payments directly in their bank account, mobile wallets and cash pickup. With more competition in the market, it also follows that there will be more improvement in customer experiences. This will hopefully help the industry to develop even further. Of course, customer expectations also grow alongside this, with users becoming used to quick services, price transparency, and tracking in real-time. Money transfer businesses will be expected to meet such expectations and will probably go under if they can’t do the same as their competition. However, digital remittances have a great potential to grow even further in the foreseeable future.
6. MTO’s unlocking Better Solutions
Fintech companies and money transfer businesses are now looking for new and unique ways to improve their digital remittance experiences. The way toward this goal is by getting the right kind of partners and solutions. Ideally, the companies are looking for something that can work with technical advancements along with consistently improving customer experiences. One of the solutions that organizations can adopt now is an in-house payments infrastructure. If any company or setup has the resources to make and implement such a strategy, it could be viable for providing quality digital remittance services. Overall, every money transfer company now has to look at how to go beyond the consumers’ expectations. Any provider who was previously too comfortable in their position now has to stay alert and adapt to the changes in the market. However, the resources might present a problem for the smaller businesses and startups that are just entering the market or want to expand further. For those on a tight budget, it will make more financial sense to go for a partner company that already has the payments infrastructure system in place. Here comes Remit Anywhere who offers an enterprise level software; a total solution that can centrally manage and automate workflow of your money transfer organization globally. As a technology service provider company, Remit Anywhere offers money transfer software that automates the full life cycle of a money service business, bank, and money transfer operation from the point of initiation till the fulfillment.
7. How Remit Anywhere’s Money Transfer Software can help in Digital Remittance?
Speaking of remittance technology and to serve money transfer business globally, Remit Anywhere is here with years of expertise. We are based in the United States. At the moment we are serving live in more than 50 countries around the globe with robust reliable technology. With over 20 years of combined experience in product development and software lifecycle, our solution is a collection of money transfer products and services that work hand in hand to create a centralized cloud-based money transfer system that is both user-friendly and compliant with the regulatory bodies worldwide. We ensure that all of our client’s data is secured and kept safely on our secured servers.
We guarantee robust reliable technology for your money service business. Whether you are a start-up or an established business, you are welcome to contact Remit Anywhere. We welcome you to go digital with Remit Anywhere. Remit Anywhere would be delighted to offer a reliable money transfer software for your money service business.
Thank you for reading!
~ H. A. Tepha
This publication is not intended to cover every aspect of the topics with which it deals. Seek professional advice if you need any financial assistance. This publication is provided for general information purposes only.