Do you have a mobile application to send money to Pakistan and overseas? Because of mobile devices, banking is becoming a more and more tech-savvy industry. According to Statista, the number of smartphone users is gradually increasing, with an estimated 3 billion users by 2020. The number of people who use banking apps is growing daily. In recent years, mobile banking has grown in popularity in the United Kingdom. This growth can be attributed to the country’s growing number of active users. By 2023, experts predict that 72 per cent of UK adults will use mobile applications for payments and transactions. To back this up, Eurostat data shows that the nation ranks eighth in Europe in terms of total mobile banking users.
In Pakistan, mobile phone banking users are on the rise, with more than 500 thousand users registered. In the previous year, there was a significant increase in the number of user accounts and online money transfer services. The State Bank of Pakistan published its Quarterly Payment System Review (QPSR) report for the first quarter of the current fiscal year (2020-21), revealing a significant increase in digital financial transactions across the nation.
According to the survey, digital payment transactions increased significantly in Pakistan during Q1FY21, owing in part to SBP’s facilitative steps. This growth was aided by the development of digital payment networks and the advent of new payment aggregators for money transfer to Pakistan and vice versa.
How Money Transfers Apps Makes Daily Payment Convenient?
An online mobile money transfer apps allow customers to submit money without regard to time constraints. It has also blurred the lines between countries regarding online money transfer to Pakistan and other countries. In your digital money transfer app, you can also have simple payment and payout methods to speed up your money transfers and avoid delays.
You will assist your users in resuming business operations and maintaining liquidity in the business before realigning their efforts to ensure a faster return to full service. The mobile money payment solution will help you accomplish this aim while also lowering your money transfer costs.
During the COVID-19 pandemic, there has also been a spike in digital payment fraud. You must keep up with changes in fraud controls to protect yourself from changing customer behaviour. To make your transactions safer, digital money transfer apps use enhanced payment security tools.
Do I Need To Go To Bank To Create Online Money Transfer Service Account?
To open an account, you must go through a bank. This is yet another urban legend. There is no need to go to the bank to open an account for sending money to Pakistan online or create a new account because the process is automated. As a result, you won’t have to deal with the time-consuming task of filling out paperwork. Even by using an online money transfer application of ACE money transfer, you can send money to your recipient’s mobile e-wallet and get instant notification on fund transfer.