Re-distributing wealth from rich to poor economies is paramount to the everyday lives of people in developing countries in every corner of the Earth. Without it, countless families and communities would be forced into unspeakable poverty and hardship.
According to the United Nations, 90% of money remittances are still conducted the old-fashioned way, with cash-to-cash transactions via money transfer operators. But with the exponentially growing global ubiquity of mobile devices and eWallets, drastic changes in the way that this money is sent are likely to take form in the next few years. In China, which receives the second largest amount of money sent home in the world, 51% of the population have smartphones; money transfer companies will have to start adapting their services to consumer habits or risk being left behind in a cloud of dust.
The infrastructure of mobile money transfers is continually developing as it is still in its infancy. Often, tight regulations stand in the way of international transfers, although there have been major moves to alter this fact, allowing freer movement of funds between nations. Emerging mobile money operators are keen to get more involved in the vibrant money remittance scene, developing partnerships with necessary governmental, technological and financial institutions, and growing their international corridors. Running alongside this is the operators’ marketing drive to take their new, improved services directly to diaspora workers for lift-off.
Switching money remittance operations to mobile helps to drive down admin costs of sending funds internationally, meaning that targets have been set on a widespread level to lower transfer costs from 7% as it is today to just 3%, meaning more value for workers and their beneficiaries.
Crosspay provide money transfer services predominantly to South Asia, but are expanding into other key markets, and offer fast, secure and user-friendly solutions to help diaspora workers send money easily home.
Trust Payments provide payment gateway and acquiring services for Crosspay, as they seek to improve UX and integrations into banks, making their money remittance solutions even simpler for their customers. Trust Payments payment gateway maintains relationships with a number of local payment methods, making Crosspay attractive to customers from a wide range of territories, and allowing them to transfer money using the method that is perfect for them.
To find out more about Crosspay’s mobile remittance solutions, Trust Payments internationally-capable payment gateway or acquiring.com’s international merchant accounts, please get in touch today!