eCommerce News Asia logo
The latest digital commerce news for Asian businesses
Story image

WorldRemit MD reveals top digital money transfer trends for 2022

By Mitchell Hageman
Tue 18 Jan 2022

Digital money transfer numbers are expected to significantly grow in the coming year in Australia and around the world, according to WorldRemit managing director APAC Scott Eddington.

In a recent analysis of trends and predictions, Eddington believes constant Covid-19 related border closures and economic struggles will further increase remittance and international money transfers and change the market landscape.

According to WorldBank data, Australia sent close to US$4.4 billion in remittances in 2020, and this number is projected to grow. However, Eddington says that with 7.6 million Australian immigrants regularly sending money to friends and family overseas, there is a strong need to ensure international money transfer providers are ahead of the curve when dealing with digital money.

He says that 'with widespread efforts to increase COVID-19 vaccination rates and grow the economy throughout Australia and the wider Asia-Pacific region, all eyes are now on what 2022 will bring for millions of families dependent on remittances each year.'

He continues to focus on five trends in particular, using business experience and statistics:

Remittance growth

Eddington says that the Australian economy has been stabilised by government policy, which has allowed for technological growth and innovation to solve the many challenges faced. This will also help increase remittance. He says the shift towards digital tools will continue to run its course as an increasing number of consumers look for lower-cost options, more convenience, and the ability to send money remotely and easily through mobile applications.

Mobile wallet popularity surge

According to research, the pandemic has helped a $2.4 trillion industry growth for mobile wallet technology. In the 12 months spanning the coronavirus pandemic to March 2021, transactions rose from 36 million to 68 million, with the total value more than double from $1 billion to $2.1 billion. Low fees and tight security are things that consumers have looked for, and many mobile providers are making it easier to navigate world financial markets.

Speed is of the essence

Eddington believes consumers are tired of waiting in line at banks to complete transfers and are looking for quicker and more convenient solutions. He believes that 'the trend of faster money transfers is booming, and in order to deliver, companies will continue to invest in enhancing their technology systems so that data exchange with financial institutions, telcos and local partners is even more seamless and the flow of remittances is uninterrupted.'

Safety

Safety and security are paramount to any transaction, and Eddington says that understanding this field is one of the most important things companies and consumers can do when dealing with finance. IP addresses and other verification tools are consistently deployed to help prevent fraud and theft.

Simplicity

Eddington says that in the future, 'there will be a strong tendency to decrease the number of steps for each money transfer, from downloading the application and creating the user profile to adding the beneficiary. The trend is towards more efficiency and effectiveness so that sending money becomes as easy as sending a text message.' The lack of fixed physical points and easy to use interfaces will help expand and develop transfer networks.

Eddington ends by saying that 'technology has gained a more prominent role in people's lives and money transfers have not been the exception. A relatively new industry about ten years ago, digital money transfers/remittances are not only here to stay, but they are becoming the preferred method for customers. They have proven that they are just as safe as a bank transfer, only much faster, cheaper, and more convenient.'

Related stories
Top stories
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.
Story image
Logistics
Dematic robotic solutions win big at Singapore technology awards
Dematic has won the Robotics-Logistics award at the recently concluded Singapore Business Review Technology Excellence Awards.
Story image
Manhattan Associates
Shortening the click-to-customer cycle through smart technologies
Speed of delivery without accuracy is a dealbreaker for consumers. How can retailers operating in an omnichannel environment overcome the challenge of click-to-customer cycle times.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Machine Learning
Moloco launches updates to Cloud Demand-Side Platform
The latest updates focus on improving performance through intelligent budget allocation, automating workflows through smart campaign UI/UX, and ad creation.
Story image
Amazon Web Services / AWS
Databricks strengthens AWS partnership with new Lakehouse offering
Customers will experience faster onboarding and unified account administration to make building a Databricks Lakehouse on AWS easier.
Story image
CRM
Salesforce launches AI-based insights with CRM Analytics
Salesforce announces CRM Analytics, AI-based insights for sales, marketing, and service teams in every industry.
Story image
Mobility
Hands-on review: STM laptop bags
The advent of hybrid working has meant we need laptop bags. We got our hands on two of the most popular laptop bags from STM.
Sift
Navigating digital fraud and dispute can be tough. The Q4 2021 Digital Trust & Safety Index by Sift can give helpful insights to your business on keeping safe and prepared online.
Link image
Story image
Techday
Techday introduces new IT Reports section across all sites
Techday is once again striving to provide the best experience for our clients, and we are pleased to announce a new section dedicated to asset promotion.
Story image
Collaboration
Is video technology the future of retail?
The way we hunt for and buy products has forever changed with innovative technology designed to take customers from their initial curiosity through to purchase
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Customer experience
8x8 and Genesys collaborate on customer service solution
With the new integration, organisations can align agents and the appropriate subject matter experts to collaborate for better customer outcomes.
Story image
DocuSign
DocuSign introduces new offering to help growing businesses
DocuSign has announced a new solution to help growing organisations centralise and automate the creation, negotiation, and secure storage of their contracts.
Story image
CRM
Freshworks launches new CRM with Shopify availability
Freshworks has launched a new customer relationship management (CRM) solution, which has also been made available on the Shopify apps store.
Story image
Collaboration
Zoom announces CX innovations for 'work anywhere' workforce
Zoom Video Communications has unveiled its latest innovations in the Zoom platform to help businesses improve customer and employee experiences.
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Esker
Esker named Challenger in 2022 Gartner Magic Quadrant
Esker has been named a Challenger in the 2022 Gartner Magic Quadrant for Integrated Invoice-to-Cash Applications.
Sift
Knowing the mechanics of retail fraud can greatly improve your chances of preventing an online attack. Read the new infographic by Sift to discover how your business can be prepared.
Link image
Story image
Pinterest
Pinterest partners with WooCommerce and launches app
The new app gives businesses of all sizes the power to turn their product catalogues into shoppable product pins on Pinterest
Story image
Hugosave
Hugosave granted Major Payment Institution license
Hugosave has been granted a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Story image
Digital Marketing
Smith Brothers Media to drive marketing enhancements for Emperor Champagne
SBM will make site enhancements to the company's current Shopify theme, with a rebuild that includes quicker response times and improved conversion and performance. 
Sift
Connected e-commerce apps are the future of retail and higher revenue growth. Read the new ebook by Sift to find out how to maximise your business potential.
Link image
Story image
Alibaba Group
Alibaba’s Cainiao Network uses solar power for warehouses
Alibaba Group's logistic arm Cainiao Network has installed 100,000m2 of solar panels on its warehouses so far in its push to build a global green supply chain
Story image
Remote Working
Better tech key to adapting to the hybrid workplace - Adobe
The shift to hybrid work has been a boon for many information workers, but also comes with its share of challenges, particularly with regards to technology.
Sift
Having secure retail solutions can be a make or break factor for a customers satisfaction. Sift has the expert tools and expertise to keep retail practices safe and customers happy.
Link image
Story image
Fintech
Incumbent banks must embrace data-centric capabilities
Retail banks are lagging in their ability to offer true omnichannel experiences, as customers pivot to competitors that offer more personalised experiences.
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
CRM
Zendesk announces new conversational CRM solutions
“The last few years have made it obvious that digital is the front door, convenience is paramount and relationships are anchored in conversations."
Story image
Open banking
A look at the rewards and risks of open banking - report
RiskBusiness says its report on open banking finds that while it holds much potential, financial services firms need to ensure they have robust, risk processes.
Story image
Gaming
Mastercard users can now use rewards points in gaming
Mastercard has launched Mastercard Gamer Xchange (MGX), allowing APAC consumers to convert their rewards points into gaming currency.
Story image
Syfe
Syfe enters Hong Kong with digital investment platform
Syfe has announced its entry into Hong Kong, marking the company's first market expansion since its launch in 2019.
Story image
Sustainability
Hootsuite 2021 Impact Report shows workforce more diverse
Hootsuite has released its annual 2021 Impact Report detailing the results of its social impact initiatives following the launch of its corporate guiding principles.
Story image
Fintech
Airwallex announces global expense management platform
Airwallex has announced the launch of its global Expenses platform, offering modern solutions for organisations to manage their expenses in a quick, seamless and straightforward manner.
Story image
Jabra
Hands-on review: Jabra GN PanaCast 20 webcam
We get our hands on a Danish-designed high end webcam that has some rather unique artificial intelligence (AI) features.
Story image
Digital Transformation
Over half of SEA users say SMBs should use digital payments
According to a Kaspersky study, more than one in two SEA users say small businesses should be using digital payments.
Story image
SAS
New SAS service overcomes subscription fatigue for media companies
SAS has launched SAS 360 Match which helps media companies move towards a AVOD model to generate revenue as subscribers cancel.
Story image
Marketplacer
Marketplacer and True Woo partner for wellness marketplace
Marketplacer has announced the completion of a new holistic online marketplace for True Woo, offering a range of products and services targeted at individuals seeking ways to improve their wellbeing.
Story image
Phishing
Retail and wholesale at significant risk of phishing attacks
New research from Zscaler has found that many retail and wholesale environments are at significant risk, with a 400% increase in phishing attacks being reported in the last 12 months.
Story image
Forrester
commercetools named a Leader in B2B Forrester report
commercetools has been named a Leader in The Forrester Wave: B2B Commerce Solutions, Q2 2022 report, receiving the highest scores possible in 10 criteria.
Story image
Artificial Intelligence
SAS unveils AI experience to improve kids' batting abilities
SAS has created The Batting Lab, an interactive experience using AI, computer vision and IoT analytics to help kids improve their baseball and softball swings.
Story image
Customer experience
Dell Technologies expands edge innovations for retailers
Dell Technologies has announced the expansion of its edge solutions to help retailers quickly generate more value and deliver enhanced customer experiences.
Story image
SaaS
Forrester Research names BigCommerce a Strong Performer
BigCommerce has announced it has been named a Strong Performer by Forrester Research in both the Forrester Wave: B2C Commerce Solutions, Q2 2022 and the Forrester Wave: B2B Commerce Solutions, Q2 2022 reports.
Story image
Webcam
Hands-on review: OBSBOT Tiny 4K PZT Webcam
We get our hands on a very reasonably priced business webcam with a bunch of unique features driven by artificial inteligence.