There is no doubt that technology has made our lives easier with the help of digital payment solutions. With innovations such as these, you can now send money internationally and make payments from the comfort of your home with ease and within a short period. This has also proven beneficial to residents in developing countries, who are experiencing a lack of access to financial institutions such as banks, and the hassles many do face when obtaining documents as required by these institutions. These payment solutions have made it easier, as residents can make payments with just their mobile devices and do not need to provide as much documentation as other financial institutions. With the high inflation rate and currency devaluation which many developing countries, these platforms enable the residents to send money and make purchases with little or no charges.
The impact of financial solutions can be felt worldwide, but most especially in developing countries where there is a lack of access to financial institutions and an ineffective system. Dr. Leora Klapper, Lead Economist at the World Bank Development Research Group stated “The benefits of digital payments go well beyond the convenience many people in developed economies associate with the technology”. This isn’t only for small and medium business enterprises but also for users who need to make payments. Payment solutions such as Money Transfer platforms and Mobile wallets for instance have made the payment process easy and fast. This is why gsma.com reported that in 2020, there were about 548 million mobile money accounts, and 159 million were active. This figure has most likely grown in these two years, as more payment solutions are emerging, and mobile devices are being obtained by many. The Economic and Financial Affairs Council reported that Kenya recorded a record high in mobile transactions at $55.1 billion in 2021, which is a 20% increase from 2020. Statista.com also mentioned that 84% of internet users surveyed in Kenya were using their cell phones to make payments in 2021, a much higher adoption rate than in Europe. It was also reported by weforum.org that 60% of internet users as of last year, were using mobile payments. This isn’t surprising due to the ease many users experience when making use of digital payment solutions such as these.
Money transfer platforms have also proven beneficial to migrant workers who wish to send money to their loved ones back home. It can be deduced that there is an indirect relationship between digital payment solutions such as Money Transfer platforms and diaspora remittances to these developing countries. This is because of the ease these individuals face when making payments, thereby encouraging them to make more remittances which in turn affects these countries positively. There is no doubt that digital payment solutions have had a positive effect on these countries that need them the most. With Money transfer platforms such as ours, you can send money internationally from the comfort of your home, at the best rates and at a low fee. Not to mention, that your transactions are 100% safe and secure when conducted by us.
ATL money transfer is a payment solution trusted worldwide and with our office situated In London, United Kingdom, we handle thousands of transactions daily with the sole mission of making money transfers transparent and secure for everyone.