Money transfer landscape refers to the various ways used to send and receive money all around the world. The world transformation has experienced the digitization and technological innovation during the last few decades. With these changes, the trend of transferring money has also changed tremendously. Today, electronic money transferring has become the most trending and well-known way of sending and receiving money.
In today’s globalized world, money can be sent and received locally as well as internationally. Technology has surprisingly broken the boundaries between countries. The most trending and well-known channel of sending money is electronic transferring of money, provided by the money transfer companies. Some of the most popular money transfer services are wire-transfer, mobile devices, and online money transfer. Money transfer industry has evolved a lot over the last few decades and it’s still transforming. It has become one of the most profit-making businesses in the world today. Money can be sent within a few moments without any delay and inconvenience.
With the increased comfort provided by technology, anybody can easily argue that security issues are among the major shortcomings of the current money transfer system. Everybody, including good and bad minds, has access to the technology and could be utilized for a threatening activity. Also, there are no regulations over transfer fee which gives freedom to money transfer companies to charge whatever they feel like.