The international money transfer market is changing quickly, and mobile devices are at the heart of those changes. In recent years, it’s even become possible to do an international money transfer to Nigeria, using just your phone. Here’s a closer look at what’s happening.
International Money Transfers Are a Growing Business
In 2015, international money transfers represented a $15 billion industry. By 2018, the industry is set to be worth $25 billion. That’s an increase of nearly two-thirds.
The reason for the increase is simple: more services are available, and more people are using them. Additionally, more people are traveling and living internationally, and a world citizen has a greater need to engage in an international money transfer to Nigeria or their own countries of origin.
Digital Disruption Is Changing the Industry
In a business sense, disruption is when one or several companies come in and change how the entire industry works. In the world of international money transfers from the UK to Nigeria or between any other countries in the world, the shift to digital technology disrupted the industry.
Prior to the emergence of digital, customers had to go to banks to do wire transfers—it was impossible to send funds to people without bank accounts. Otherwise, customers had to go to big companies such as Western Union, and those funds got sent to a physical branch. That made it impossible for recipients in remote areas to receive their funds, or it required them to travel long distances.
Mobile Options Makes International Money Transfers More Accessible
As you will discover when you do an international money transfer to Nigeria or anywhere else, the shift to digital processes on mobile devices makes money transfers easier than ever. When you use a mobile app from a digitally based company, you don’t have to send the funds to a bank account or to a physical location.
Instead, as long as the recipient has a mobile phone with a mobile wallet, you can send the funds directly to that account. You can even send airtime minutes with a service such as Ping Express.
Digital Process Makes Money Transfers Easier and Less Expensive
Accessibility is just the start when it comes to mobile transfers. The shift to digital also makes the process faster and more affordable. There’s no paperwork, limited brick-and-mortar offices, and fewer employees. All of that leads to lower prices for consumers who need to do international money transfers to Nigeria or other places.
Additionally, thanks to the absence of paperwork and the speed of digital processes, money transfers are now faster than ever. It used to take days or weeks to send money internationally. Now, with Ping Express, most recipients receive their funds within 30 minutes.
Consumer Demand Drives the Shift to Mobile
Of course, the changes aren’t just about a shift to digital process. It’s also about a shift to mobile devices in particular. Many recipients in Nigeria and other parts of the world don’t have access to computers, but mobile phones are often widely available. In addition, consumers sending money want the convenience of using their mobiles. Companies respond to this demand by developing apps to help.
If you’re ready for fast and easy digital international money transfers, try Ping Express. You can use the service online, or try the digital app. It’s an easy way to send money.