Over the last decade, the money transfer market has undergone significant changes due to ever-advancing technology. In 2020, new money transfer trends have emerged while older ones have evolved. Electronic money transfers are more popular than ever, utilized to disburse employee payrolls, pay for products sold in online marketplaces, send money to friends or family, and in real estate, among other transactions.
Many industries have seen an increased need for the use of money transfer platforms, and innovative companies have certainly strived to meet and exceed those needs with some new methods of money transfers, as well as improvements upon older ones. The fast and secure ACH transfer platform can be used for earnest money deposit or cash to close on refinances.
The following are some of the more significant money transfer industry trends that have played a large role over the course of the year and are likely to continue to do so for some time.
Mobile Money Transfers
There are mobile apps for almost anything you can think of today, and money transfers are no exception. Many banks and financial institutions have their own mobile apps, and other apps act as sort of a “digital wallet,” enabling users to pay bills, send money or receive money, or automatically put a percentage of savings into a separate account.
Money transfer platforms, such as paymints.io, have also released technology that has served well in various industries. As a secure, compliant, and easy-to-use electronic ACH transfer platform, paymints.io is of particular interest to the real estate industry.
Electronic ACH transfers have certainly utilized for some time in real estate transactions in lieu of checks, but in an age of increasing check fraud and other scams targeting individuals involved in real estate, the use of a secure money transfer platform has become much more popular and prevalent.
Cryptocurrencies
There has been increased interest in using cryptocurrency for international money transfers, as it makes it easier to conduct international transactions, especially in developing countries. This is a fairly new trend slowly gaining popularity, and major banks are also getting involved as they realize the impact that cryptocurrency-based payment methods can make.
Increasing Regulation for Big Tech
Data security has always been a big concern in many industries, such as real estate, and, of course, big tech. In fact, that’s one of the critical factors driving increased use of electronic money transfers. To that end, large technology companies that are also involved in global money transfers and payments are facing increased scrutiny in how well they handle their data security.
Regulators are putting more pressure on companies such as Facebook, Apple, and Google to ensure proper security protocols are in place and practiced in order to minimize the risk of data breaches. Other companies that seek to get involved in the money transfer industry will also face stricter regulations moving forward.
An Increase in Money Transfer Companies
More companies around the world are joining the money transfer industry, and more funding is becoming widely available for those companies as investors, banks, and other lenders realize the importance and the need for improvement and innovation in this rapidly expanding industry.
Near-Field Communication Payments
Near-field communication (NFC) is a term used to describe the ability of two individuals with different payment platforms to exchange data with ease. For example, you can transfer money to an individual using Apple Pay, and they can receive it using another payment platform. While not all payment platforms are utilizing this technology as of yet, it is a definite growing trend that is bound to be seen more in the coming months and years.
The technology has wide applications, such as using it for public transportation, to buy groceries, or simply to make contactless payments where necessary.
Smart Speaker Payments
Smart speakers have been around for quite some time; Amazon’s smart speaker was first introduced in 2014. Since then, they have become a popular way for many to purchase items simply through voice command. In today’s Covid-affected society, there has been a massive rise in smart speaker payments as hundreds of thousands of individuals turn to shopping from home.
International Remittances
Sending or receiving money from friends or family in foreign countries used to present certain challenges, as well as high fees at times. International Remittance transfers have eliminated much of that, making it easy to send money without having to go to banks, pay high fees, or worry about funds getting lost or stolen. International Remittance transfers are mainly performed through apps and electronic wire transfer platforms that are compliant with International banks.
Sound-Wave Payments
It sounds very technical and futuristic from the start, and in a manner of speaking, it is. Some devices, such as a smartphone, are equipped with the technology to utilize sound waves to carry encrypted data from one device to another. This makes it easy to make an electronic payment without the need for an Internet connection.
In Conclusion
2020 has certainly seen some exciting, interesting, and high-tech money transfer industry trends rise to the top. Some of these have been fueled by the current economic and societal environment, while others are gaining in popularity as the technology allows them to become more prevalent and widely available. While some of the above trends will certainly continue to evolve, what can be concluded is that mobile money transfer and electronic payment transfer platforms are not only here to stay, but will likely become the payment method of choice in many industries.
To learn more about how to benefit from using a secure money transfer platform, visit paymints.io. This intuitive, easy-to-use platform is ideal for many industries, including the real estate industry, where money transfers are a necessity. paymints.io allows for quick, secure payments without the need to supply banking information, subsequently reducing the risk of cyber criminals and other scammers acquiring sensitive data.