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Key trends in online money transfer industry 2020

From ancient years, our ways of economy and money transfers are constantly on a flux. But an ultimate distinction came to the traditional ways of money transfers with the introduction of technologies into the financial sector. By the year 2020, new money transfer trends have emerged while the older ones are in transition. <br>

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Key trends in online money transfer industry 2020

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  1. Key trends in online money transfer industry 2020

  2. INTRODUCTION

  3. From ancient years, our ways of economy and money transfers are constantly on a flux. But an ultimate distinction came to the traditional ways of money transfers with the introduction of technologies into the financial sector. By the year 2020, new money transfer trends have emerged while the older ones are in transition.

  4. Electronic online money transfers have been reigning the era than ever. With increased work from home status employee payrolls, online shopping, sending money to friends or family, and many other transactions have smoothly switched to online transactions for ease and convenience.

  5. Mobile Money Transfers Nowadays each and every sector have mobile apps, and money transferring remittance industry is not an exception. With the introduction of mobile apps, people can easily send and receive money online on the go. With no extra physical trouble, start sending money in a few swipes.

  6. Cryptocurrencies A recent and fairly new trend rising in international money transfer is cryptocurrencies. People are seen encouraging this kind of cryptocurrency transactions, and developing countries are brooding over the idea extensively understanding the numerous advantages it can over to the money transfer industry.

  7. Biometric Authentication With the increased use of digital means for money transfers, the situation demands higher security in the medium. A rising trend in the data security sector is biometric authentication that makes use of a person’s biological features for verification such as fingerprint scanners, facial recognition, iris recognition, heartbeat analysis etc. It is a highly-secure method of verification with fewer chances of theft and fraud. This recent trend will continue to rise in future years.

  8. Sound-Wave Payments The most hi-tech form of payment that is yet to gain popularity in the coming years is sound-wave payments. It is a technology that utilizes sound waves in smartphones to carry encrypted data from one device to another, making electronic payments simple without an Internet connection.

  9. The year 2020 has witnessed some interesting and high-tech key trends rising up in the online money transfer industry. The trends are surfacing up slowly in the most developed countries, and within a couple of years, they will conquer the entire money transfer services across the globe.

  10. THANK YOU

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