Do you know how easier it will be to send money to Nigeria and other countries from any corner of the world in the near future? Electronic payments now account for more than two-thirds of all non-cash payments, according to recent research by the Federal Reserve System, and more than 64 million people pay at least one bill online. All modern business owners should strive to provide consumers with more efficient ways to pay bills and acquire the items they desire.
Hot-button technologies like bitcoin and blockchain may be another way payment processing is propelled into a new era. After all, several cryptocurrency challengers hope to reinvent the time it takes to process electronic payments, and if they succeed, they might radically shift the game in the payments sector. In the meantime, new trends such as PIN on Glass acceptance, which allows users to use their PIN for mobile point-of-sale transactions, contactless payments, same-day ACH, and developments in payment APIs, are all aimed at making money transfers to Nigeria and worldwide simpler, faster, and more efficient.
The realm of electronic payments has undergone numerous significant technological shifts over the previous century and a half. We will only see a payment processing scheme that is safer, faster, and runs the way customers and merchants need it when we hurry through the industrial improvements that the payment sector is currently facing. For example, you can send money to Nigeria online without visiting any bank or money transfer agency through the digital payment system.
What Are The Trending Modern Payment System For International Money Transactions?
The Charg-It card, which was the first credit card, was invented in 1946 by a Brooklyn banker named John Biggins. Barclays issued the first credit card in the United Kingdom in 1966. This came before the debit card, which didn’t come out until 1987. Unilever’s requirement to collect payments from ice cream dealers spurred the introduction of the Direct Debit payment collection system in 1964.
The advent of virtual currencies is the most recent payment innovation, e.g. bitcoins and mobile wallets. When Bitcoin was founded in 2009, it quickly became the gold standard in the virtual currency world. It fully eliminated the necessity for actual currency, bringing us full circle to a period when cash payments may soon be obsolete. For example, an online money transfer to Nigeria can be received in your mobile wallet, and this is a more simple, easy, and time-saving process.