There has been a lot of transformation in the money transfer industry over the past few decades. It is not what it used to be back in the day when only the wealthy had access to electronic funds transfer. Today, people are not just using money transfer services to pay their roommate for a late night pizza but for just about everything from sending money back to home country, pay mortgage payments, to check cashing and even money orders. People from all walks of life are using wire transfer, services of money transfer companies and remittance providers, and mobile money transfer to send funds virtually to any part of the world.

The last two decades in the money transfer sector have been marked by the substantial growth of money transfer companies and the rise of new players. These digital money transfer platforms have made the process much easier, cheaper, and quicker. One such amazing service provider is Ria money transfer that lets its users send money online across 149 countries. With an experience of more than 30 years, Ria boasts over 1 billion secured transfers. Providing world-class money transfer services, Ria continues to reduce the distance between clients and their families, friends and loved ones thereby making the world a smaller place. The company offers best services including bill payment, check cashing, mobile top-ups, money orders,  prepaid debit cards, just to name a few. Besides, the low fee structure and great exchange rates certainly make Ria money transfer the best way to transfer money overseas.

However, these are not the only options available for digital funds transfer.  In just a few years, Bitcoin has exploded in terms of popularity. Bitcoin is an open source, decentralized system that has undoubtedly revolutionalized the money transfer industry and outpaced the clunky and out of date payment options by providing cheaper, quicker and safer money transfer. That being said, blockchain is a new technology, and we will have to wait and see if it’s able to pass the test of time. It would be interesting to see what the future holds with all these digital money transfer options. Will Blockchain outshine or will all the systems exist side by side as they used to in the past? Let’s have a look at it.

Where is the digital money transfer industry headed?

As of now, it takes around 3-7 days for an international money transfer to complete using the conventional systems. However, with the development of Blockchain, a method of instant money transfer is already shaping up, and this should probably be achieved by 2020. Many companies are already using advanced identification software including biometrics, facial and voice recognition to safeguard the money transfer and ten years down the line; these methods will be as common as having a lock for your smartphone.  There is a high chance that by 2025, money transfer companies will be taking the blockchain route to reduce exorbitant fees, facilitate faster transfers and avoid the hassle of paper statements and receipts.

The growth rate of digital money transfer, though slow, is constant. Today there are only 10-15% of consumers who have loaded their credit card details onto an eWallet, and about 31% are likely to do so in the near future. Perhaps, five years from now, the rate will increase as more people begin to understand and become comfortable with the latest technology. However, it would be wrong to expect printed money totally go out of the picture. I foresee a future where all money transfer systems coexist and rather complement each other.

It’s easy to anticipate the future, but you could still miss out on a lot of things.  Some of the predictions about digital money transfers could be right, and some get missed. Nevertheless, change is unavoidable, and the protagonist in the digital funds transfer sector would surely be blockchain.

About the Author

Sharon Kalipai is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency in Denver, CO. When she’s not writing, she loves to travel, dance and read books.

Published by Charlesa Gibson