Why Money transfer to India is increasing ?

by | Aug 8, 2017 | Financial Services

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Over the past few years, the world has become increasingly globalized. Indian immigrants are pouring into developed countries like the UK, Singapore ans Europe, where many jobs pay at higher rates than in home markets. As these Indian migrants shuffle around the globe, they have family members and friends back home who they continue to support through cross-border money transfers, called remittances. Being an NRI and regardless of where you stay outside India; when it comes to transferring money from one bank account to another, the most widely used method is to visit a bank, stand in the long queue and deposit money into your family members/relative’s bank account. However, in today’s fast paced life many people don’t have the luxury or the patience to visit a bank or post office for sending money. Some have access to net banking or use a smartphone app to send money. Most of the times a lot of people consider an another convenient option i.e visiting your nearby money transfer agent. Customers get the convenience of visiting their nearby money transfer agent and sending money instantly through IMPS to any bank account in India anytime. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. They don’t have to visit banks during banking hours or wait in long queues. Moreover, by providing money transfer service can increase the customer reach and footfall in their shops.

As advancements continue to be made and companies begin to modernize their operations, many industries will find that they way they operate, one of which is online money transfer. Today online money transfer industry are emerging, to compete with the traditional money transfer service providers. But still, fees remain a huge pain point for these migrants who send money home. Technology has changed a large number of business sectors for the better. For decades, banks and other money transferring service providers have dominated the money transfer market. However, a number of companies operate strictly on the internet and are challenging these organizations. Online money transfers are easy and quick. They do not need the customers to go face to face to a money transfer representative. All it needs is to have a mobile app (that would be developed by the money transfer business) and the account, from which the customers can send money with the touch of their screens.

Money transfer is a big industry. Every year millions and billions of dollars are sent across the world. Because of the increasing number of migrants, the need to send money across the countries has increased manifold over the years. To meet the high demand, money transfer businesses are quickly expanding, and new ones are entering the market. In such competition, keeping an edge over the rivals is important for the businesses. And getting a money transfer business application could be that one extra thing that gets your business one step ahead of your rival. Money transfer industry is a competitive industry. Staying in the competition and finding market share for your business, may not be easy. But being proactive rather than reactive is a lot more important in this severely contested industry. In fact, getting a money transfer application is not a brand new phenomenon. The only way a money transfer business can be taken one step ahead is to keep pace with the technological progress, and getting a money transfer application is certainly one.

Online money transfer makes the transfer more simple. You can transfer money to any bank account, anywhere in India, at any time. So now no more carrying cash while waiting for the bank facility to open.

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