18 Dec 2023
The second largest chunk of the Pakistani diaspora abroad lives in the UK to earn a living. A report by Pilot Guides stated that about 1.5 million Pakistanis reside in the UK to earn a living and send money to Pakistan from UK to offer financial support back home, which can reach the intended beneficiary within 7 seconds if done through ACE Money Transfer!
With several online money transfer companies and other financial institutions offering quality online money transfer services to you, one thing remains constant in digital money transfers. Do you know what that is? And why do you need to know it?
Well, it is the ever-evolving nature of digital money transfers paving the way for newer and newer trends constantly.
This blog will walk you through some of the existing as well as emerging trends in the industry that you need to be aware of.
Digital money transfers have come a long way since they started in the mid-19th century. At the time, the needs and requirements were different from what they are now. One of the basic reasons for the huge change in the trends between then and now is, of course, the dazzling technology. And you need to understand it because a trend caters to the needs of the people.
So, if you are a Pakistani migrant living and working in the UK at present, you might need a swift and safe delivery of your funds, both of which you can find easily should you choose some of the most trusted firms, including ACE Money Transfer for your every money transfer from UK to Pakistan. But what would you need if you were there, say, 60 years ago?
Therefore, in the beginning, it was stated that the nature of digital money transfers is ever-evolving.
A trend is a direction in which some activity moves. And this direction keeps changing every few years because people undertake a certain activity, and their needs keep changing based on their priorities. Therefore, the activity to adjust to the changing needs keeps evolving and setting new trends.
You live in the UK to earn a living and send money back home regularly. Right? So, for example, if you have been there for, say, five years, do you remember what it was that you were eager to have in your online money transfers back home at the start of your stay? And do you realize what you wish to have in your money transfers back home now?
Well, regardless of remembering it, you know the difference between these two times – one, at the start of the proverbial 5 years, and two, at the end of 5 years or then and now.
This difference owes itself largely to the changing trends in digital money transfers.
A digital money transfer service cannot afford to ignore the emerging or existing trends in the market. Because the global remittance industry is filled with many service providers. So, if one company, for example, ignores the changing trends, it runs the risk of becoming obsolete because customers will switch to the one that adopts the trends.
You are scratching a living on British soil as a Pakistani migrant so that you can send money to Pakistan online from UK to offer financial aid back home. Right? So, you must ensure that you have an eye on the trends that are emerging in digital money transfer services.
This awareness will a) keep you connected with a service provider that offers the best deals and b) keep you updated with the latest trends in the industry. Take a look below.
In the past decade, your online payment faced several restrictions, the least of which were the limited payment options to choose from, such as Debit or Credit cards. But now, the use of digital wallets is on the rise while the use of cash is declining swiftly.
Another emerging trend to look out for in 2024 is Blockchain technology. Some of the common Cryptocurrencies, like Bitcoin and Ethereum, stand ahead of other types of Cryptocurrencies, with several merchants accepting them as a new form of payment.
Another emerging trend is the added security and safety for the funds and also for the prevention of fraud and identity theft. In this era of payment, all financial institutions are redoing their security parameters to align them with the satisfaction level of the customers.
Learn here all about how to stay safe online while transferring funds from abroad.
Real-Time Payments (RTP) are another trend that you must know about. The market size of RTP has grown to around $3 billion since 2021, and a further rise is likely. Several companies are rapidly shifting to cloud-based Payments-as-a-Service (PaaS) solutions to ensure RTPs.
Another emerging trend in the market is the demand for biometric authentication. Biometric authentication is based on your face, fingerprint, iris, or voice, all of which are unique to every person. The purpose is to ensure enhanced security.
Central Bank Digital Currencies are gaining traction in the global financial world. Central Banks around the world are exploring different types of digital currencies and assets to address major financial issues like money laundering and financial inclusion.
To increase their revenue streams and profits, banks and financial institutions are switching to data-driven APIs. This is another emerging trend that will allow companies more flexibility and the ability to offer more unique and enhanced functions and services.
The other rapidly emerging trend is the massive wave of mergers and acquisitions. Several companies are merging to ensure they deliver the same services that the customers expect from them. In this way, one institution’s shortcomings are overcome by another.
Mobile wallets are dominating the digital money transfer landscape. A report by the Payments Dive revealed that in 2021, there were about 2.8 billion users of mobile wallets, but are likely to reach 4.87 billion by 2025. It will be almost over half the total global population then.
These are some of the rapidly emerging trends in the global digital money transfer landscape that you must be aware of to benefit from optimally.
Several emerging trends explained above have already been adopted by ACE Money Transfer due to the firm’s flexible nature and acceptability of change. So, if you send money online to Pakistan from UK, you will deliver the funds in less than 7 seconds with unbreakable safety, live and market-competitive currency exchange rates and a lot more for a low fee. So, shift to ACE Money Transfer to enjoy the trends now; others will take time to allow you to enjoy!
About 1.5 million Pakistanis are living and working in the UK to earn a living. They travel to the UK because of the country’s robust economy and expansive job market, which can easily accommodate any job-seeker, making it easy for them to earn money and support their families.
A trend is a direction in which a particular activity goes. In the digital money transfer landscape, a trend means the small activities shaping up the entire process of online money transfers. It can also be understood as adopting new ways and shunning the old ones while transferring funds.
Trends are critically important for you to understand because they tell you what turns a specific activity will take in the times ahead. In online money transfers, understanding the trends is critically important to secure the best online money transfer deals.
If an online money transfer company does not follow the emerging trends, it runs the risk of losing its customers and also becoming obsolete because people will naturally switch to the service providers that are aligning their services with the new and emerging trends.
Some of the top emerging trends in digital money transfers include next-generation payment methods, Blockchain, digital identity infrastructure, real-time payments, biometric authentication, central bank digital currencies, mobile wallets, mergers and consolidation, and PaaS and data-based API business models.
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