Revolutionising Money Transfers: 4 Key Trends Shaping the Future August 12, 2024
This article is brought to you in partnership with Worldpay, written by Kunal Choudhary, Money Transfers Strategy Lead at Worldpay.
The landscape of international money transfers is going through a shift, driven by evolving consumer expectations and technological advancements. For money service businesses (MSBs), staying ahead of these changes could be key to success.
Let’s explore these trends and how Worldpay could help businesses navigate this transformation.
- The need for speed
In today’s hyper-connected world, consumers need convenience, speed and security when it comes to moving their money. A recent study revealed that over three-quarters of consumers (77%) now expect instant payments1. Money transfers are often time sensitive, so long waits for funds to clear may mean switching to an alternative provider. This shift in expectations is compelling MSBs to revamp their infrastructure to facilitate fast transfers while adhering to complex international regulations.
As a leading payment processor2, we could help you to provide the quick, secure, and cost-effective money transfers your consumers are looking for. By incorporating our decades of expertise and authentication solutions, you can expand your reach and offer faster transfers around the world.
- Digital wallets on the rise
Industry projections suggest that by 2027, digital wallets are projected to account for almost half ($25 trillion) of global transaction value3. This surge is fuelled not only by the ease of paying with just one tap, but also by the built-in two-factor authentication and tokenisation, this payment method offers.
One in five financial services customers would switch platforms if their preferred payment method was unavailable4. That’s why it’s important to incorporate secure and flexible options that meet those needs and help with enhancing loyalty. Worldpay’s solutions could facilitate direct integration between MSB platforms and popular wallet apps, simplifying orchestration and compliance while enabling a dynamic user experience.
- The Personalisation Paradigm
Today’s consumers are increasingly looking for tailored experiences that reflect their individual needs and preferences3. One-size-fits-all approaches are no longer sufficient.
To keep pace with consumers, MSBs might look into innovative technology such as artificial intelligence (AI) as a route to personalisation. AI could empower merchants to understand and predict customer needs better, offer customised solutions, and of course, automate. Worldpay is harnessing AI and machine learning together with extensive transaction and biometric data to help you make intelligent decisions in real-time.
- The Fraud Prevention Imperative
With the volume of digital transactions rising5, the risk of fraud is also becoming a major concern6. Ensuring a safe environment for online money transfers is becoming a top priority for maintaining customer trust and compliance with regulations.
Worldpay’s fraud solutions use rich data from 52bn annual transactions to help detect and predict fraudulent activity to help protect consumers.
Embracing the Future
The money transfer industry stands at a crossroads, with emerging technologies and shifting consumer preferences reshaping the landscape. MSBs that can successfully navigate these trends – offering rapid transfers, embracing digital wallets, personalising experiences, and fortifying fraud protection – might be best positioned to thrive in this dynamic market.
Collaborating with an experienced payment provider could be a game-changer for MSBs looking to stay competitive. By tapping into advanced solutions and deep industry expertise, businesses can accelerate their transformation and deliver the smooth, secure, and personalised experiences that modern consumers expect.
To chat to one of Worldpay’s experts today, please visit https://www.worldpay.com
Sources:
- UK expectations on digital payments sky-high | Tink blog
- The Current Issue – Nilson Report
- The Global Payments Report 2024 | Worldpay
- https://offers.worldpayglobal.com/fully-covered-insurance-report.html
- Global non-cash transaction volumes set to reach 1.3 trillion in 2023 – Capgemini
- Cyberattacks threaten global financial stability, IMF warns | World Economic Forum (weforum.org)
Meet Worldpay at IPR Global 2024
Meet Platinum sponsors, Worldpay at IPR Global this September. Don’t miss out on this unmatched opportunity to connect with their team.
Get your tickets today, spaces are limited: https://global2024.ipr-events.com/
Related Posts
-
IPR Global 2024 Highlights: Industry Leaders Unite to Shape the Future of Cross-Border Payments
Last month, we hosted our annual Innovation in Payments and Remittances (IPR) Global 2024 event, where top industry leaders and…
October 31, 2024 -
Innovation in Payments and Remittances (IPR) Global 2024 Award Winners!
Earlier in the month, we gathered the top global companies in the Remittance and Payments space in our annual IPR…
September 30, 2024 -
Flutterwave: Simplifying Cross-Border Settlement for Multinationals in Africa
This article is brought to you in partnership with Flutterwave, written by Sid Gautam, SVP–Enterprise at Flutterwave. Having trouble transferring…
August 29, 2024 -
Add a mobile plan to the digital wallet to generate loyalty, value and relevance
This article is brought to you in partnership with eSIM Go, written by Mitchell Fordham, Chief Revenue Officer & Co-founder…
July 29, 2024 -
The Evolution and Impact of Digital Remittances
This article is brought to you in partnership with Visa. The landscape of cross-border remittances has undergone a significant transformation…
July 29, 2024 -
Remittances: A Powerful Force for Financial Inclusion
This article is brought to you in partnership with Clear Junction, written by Dima Kats, Founder and CEO, of Clear…
July 3, 2024