November 14, 2019
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future of money transfer

The concept of money transfer in any form has remained from the start. The online money transfer service is being commonly used by foreign workers.

Since the beginning of civilization, the money transfer options have evolved. From goods, coins and notes to cryptocurrencies, the basic needs and goals are being fulfilled. A brief view of the Past, Present and possible future of money transfer is given below.

The Past

Money transfer has been the source of fulfilling each other’s needs. The process started with the beginning of humanity. To meet one’s basic needs, it is crucial to exchange something. In this way, both parties get the benefit. This basic rule stays the same even today.

Exchange of goods

At the starting of human history, almost 6000BC, “Give good, take good” concept emerged. People used to exchange products. These products used to benefit both of the consumers. The exchange of goods is also called Barter. Barter is a system of exchanging goods or services. The exchange of an animal with another animal is an example of barter. This system is still in use in some localities. Even global exchanges are being done. Services exchange to promote culture is the latest field.

Mediums of the transfer:

·          Coins

About 2700 years ago, in Lydia, the first coin was originated. The people used gold and silver coins. It provides the medium for the exchange of products or services. Coins are normally round and made of metals or plastics. Coins have shown cultural, religious and civilizational aspects. The coin usage increased from time to time. It became a popular currency worldwide. German, Roman, Greeks made coins for public use. In middle ages, one rupee coin came into being at East India Company in 1835. The value of coin currency is decreasing especially for underdeveloped countries.

·          Currency notes

A currency note, banknote or simply note is the note issued by the bank. It is subjected to be given on the demand. They are sometimes made up of cotton and linen. Currency notes are a widely used medium for money transfer. Any amount of money is shared with the other person through these notes.

England’s bank issued the first note in 1694, reportedly. Chinese used paper bills before this. Banks are still making notes as in most of the countries the medium of money transfer is the notes.

To send someone money, various applications are working. Some of these applications have a simple procedure. You can take the cash in hand and go to the agent. After, fulfilling the requirements, your money will be shared. The receiver will go to his nearby agent and will pick up the cash. It is the money transfer of this era. One such example is Western Union. Western Union emerged in 1861 for telegraph lines

Wire Transfers

Wire transfers are still in use in their modified forms. These days the mode of transfer is electronic. In the past, Wire transfers were utilizing telegraphic connections. Now, banks and transfer agencies are the media. The use of wire transfers was popular in the past.

The present

In this era, the currency is in its much-modified form. Digital currency and digital money transfers are in operation globally.

Banks

Banks are the medium that takes the deposit from the consumers and gives credit. They are responsible for cash transfers, cash payment, credit card, debit card, ATM service, deposits, savings and business accounts.

Credit/Debit

Credit and debit cards are the medium to transfer money at the global level. A debit card uses the money which is already present in the account. Credit card uses the money which will deduct after the refilling of money in the account. The online money transfer service providers make use of credit or debit cards. Fast and secure transactions are possible by using debit cards or credit cards. Instant transactions are the key attraction for transfers. A few are:

  • TransferWise is a digital way of money transfer. Make an account on the TransferWise. Pay through your debit card or credit card. TransferWise will provide better exchange rates as compared to others. The receiver gets the money from TransferWise local bank account.
  • ACE Money Transfer is the service provider to transfer money across many countries. It can be used to send money to Nepal, Bangladesh, Ghana, and more than 90 countries. The receiver can receive his money from the specific payout locations. You just have to select the country and put the amount. Select the receiver after providing identification and residency proofs. Confirm the transaction. The receiver can receive the money at the ACE Money Transfer payout location or as a form of debit card deposits.
  • Azimo has 200000 locations worldwide. For cash pickups, among the delivery methods option, select the cash pickup. The service also provides home delivery mostly in a day. Customer care support is available during work hours. Debit cards, credit cards, and bank transfers are payment options. As an example, one can easily send money to Nepal online through this service.

Digital Money

Digital money includes cryptocurrencies, virtual currencies, and central bank digital currencies. Its mode of transfer is digital routes. Virtual currencies do not exist physically. Currency notes are replacing virtual money and coins to options like bitcoin. The digital money control follows centralized and decentralized modes. The digital money sharing is on electronic transfer media.

Future

Blockchains

Blockchains do not require an intermediate. They are secure and fast money transfers from one person to the other. It is an all in one Cryptocurrency company. The cost is lower with blockchain. Moreover, the transfer is fast and secure. To prove its efficacy, blockchain needs time. Let the time pass the test.

Summary:

Moving from the barter system to currency notes, we are probably ready to welcome the digital money. Digital money transfers are these days. They are contributing a huge to the economy. Credit or debit card usage incorporates many other purposes as well. Time will determine whether the blockchain will ever commercialize at the global level or not.

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