The global payments industry has grown significantly over the last decade. In 2016 alone, global transactions reached $1.2 trillion dollars. This number continues to rise each year, thanks to the increasing adoption of mobile devices and the growth of e-commerce.
Payment and remittance services allow individuals across the globe to send money home or receive funds from friends and family abroad. These services are also becoming essential for businesses. People now choose to pay using their mobile phones rather than cash or credit cards. In addition, they prefer to send money home from abroad through these services. They allow customers to send money to other countries at low costs. The popularity of these services has led to a rapid increase in the number of companies offering them.
Advantages of payment and remittance services
- Money transfer services allow us to send money internationally at low costs.
- They enable us to carry out transactions without having to go through banks or other financial institutions, thus saving time and energy.
- As consumers continue to spend more and more online, they expect their purchases to be delivered at lightning speed, which is carried out smoothly.
payment and remittance services are becoming increasingly more important, especially in developing countries where financial institutions are scarce. However, the success of these services depends on several factors, such as customer service, security, transparency, and trust. These issues can affect the reputation of a company. Remittances are vital for countries that rely heavily on foreign aid, so trust is a crucial factor in the success of these services.