Digitalization has changed the way people send money to India and even domestic transactions. The November 2016 demonetization was perhaps the most significant trigger for India’s digitization. At the time, Indian Prime Minister Narendra Modi declared the demonetization of the 500 and 1,000-rupee paper currency, causing widespread economic disruption. Even though the action was criticized long after it occurred and its effect was questioned, the result was the growth of India’s digital economy.
The act of conducting transactions and other transactions through mobile devices, usually via the lender’s mobile app, is known as mobile financial services. Most banks now have mobile banking apps that can be accessed via handheld devices such as phones and tablets, as well as computers.
Because of its simplicity, convenience, and speed, mobile banking is regarded as the future of banking. IMPS, NEFT, RTGS, IMPS, deposits, bank accounts, bill payments, and other digital payment types are available on a single platform in mobile banking apps. Customers are encouraged to go digital by banks because it makes processes simpler for them as well. NRI send money to Indian online through ACE Money Transfer app into recipients mobile wallet.
Why do Mobile Wallets Become So Popular Within Limited Time?
Asia is a place where mobile is king. The continent has seen a rapid increase in mobile device adoption, making it a top choice for global businesses. Affordable smartphones, improved network reachability, and a progressive middle class have contributed to the migration of 90 per cent of South East Asia’s internet users to phones. These claims from Google’s e-Commerce SEA Spotlight 2017 Report have piqued the attention of western digital wallet providers. By the end of 2023, the global digital wallet market is expected to be worth $2.1 trillion, with Asia leading the way for money transfer to India and other countries.
How Can I Send Money To Mobile E-Wallet From European Countries?
India is a mobile-first community, with a large number of new internet users joining every month. According to the ICUBETM survey, the number of monthly active internet users has increased by 24% over the previous year to 574 million, suggesting an overall penetration of 41% last year. Customers will be able to use net-banking and mobile-banking facilities as a result of this.
For more than two decades, ACE Money Transfer has been at the forefront of the digital payment movement. The ACE platform enables millions of customers and more than 23 countries to online money transfer to India and worldwide. And succeed in the global economy by leveraging technology to make financial services and commerce more convenient, accessible, and safe.