Mobile Money Transfer: Top 2020 Trends

Long gone are the days when payments and transferring money meant going to the bank, standing in queues, filling out forms, and whatnot. No, Sir; today, the process looks vastly different from that — money transfers, be it between two individuals or from a customer to a company, are now primarily executed via mobile phone apps. And it makes sense too, especially considering all that progress that technology has made. With money transfer being a vital part of daily existence, it has now become a mostly technology-driven process. It enables executed via more than one means.

Yep, the digitization of payments has translated into distinctive methods for payments, each seeking increased convenience, speed, etc. Some of these mobile money transfer methods have already established themselves as a mainstay of the sector. Take digital wallets; for example, by 2022, they are expected to enable transactions worth $13 billion. And as the market continues to innovate, such means of mobile money transfer are expected to become even more integral for businesses and their customers.

And suppose we are going to leverage the true potential of mobile money transfer trends. In that case, it is essential to understand the trends that affect it, such as the ones listed below.

1. Payments via smart speakers: With Amazon Alexa, Google Home, Apple HomePod, and other such intelligent speakers making their way into an increasing number of homes, the opportunity at hand becomes evident. Smart speakers can receive and execute various voice commands, including placing orders, booking a cab and more. So, it should come as no surprise that people are now also using them for money transfers, payments, etc. And with the number of smart speakers expected to reach a massive 77.9 million by 2022, intelligent speaker payments have quite a bright future.
2. Contactless payments: While contactless payments were already quite popular, the coronavirus pandemic has sent their popularity through the roof. It enables customers to make payments with a simple wave of their smartphone over the POS device. This saves the hassle of entering card details, PIN and helps customers avoid any contact with surfaces.
3. NFC payments: Yet another method of mobile money transfer/payments, i.e., near-field communication (NFC) payments, have emerged as a wildly popular option in the market, owing to its ability to execute payments via phones, tablets, laptops, and more provided they are near the reading device enabling the payment. And if you are wondering, “Well, what about the PIN, then?” You see, this technology, too, don’t customers enter their PIN, i.e. once the two devices are nearby. A transfer/payment is initiated, encrypted data is immediately transferred from one device to another.

As you can see, the mobile money transfer isn’t a mere fad. It is here to stay. Any business that intends to remain competitive would do well to undertake money transfer app development at the earliest.