In countries like North America or Britain, mobile money accounts are on the rise, and will only continue to skyrocket as technology continues to evolve. Apple Pay, Google Wallet, Square, PayPal and Zapp are in the forefront. In truth, the market is saturated with hundreds of startups, while some banks, retailers and financial service agents are launching their own channels. It's the smartphone that drives this revolution, helped, in turn, by smartphone apps that allow users to store, send and receive money using their phone, lessening the need for physical banks all together.
In addition to these drawbacks, it is also possible that your bank may start charging you more for the mobile banking services as well as the fact that mobile phones are limited in processing speeds, screen size and battery life, which may interfere with your payment transference.
More people around the world turn to mobile payments rather than to banks. It's cheaper, faster, safer and more accessible. On the other hand, you need a high-end smartphone to conduct the service, you may need to pay more in the long run - and watch out for scams. Even with these drawbacks however, money transfer agencies still see mobile payment as the future for sending funds from one country to another.
Even sending money overseas has transitioned into mobile. You can download CompareRemit's new and improved mobile app to compare transfer rates right on your phone, and transition seamlessly to partner apps to complete your transfer. These money transfer apps are more secure than ever, and make sending money abroad a breeze. Download the CompareRemit mobile app to complete your first comparison and transfer today!
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