Dec 5, 2014

Mobile Technologies And The Monetary world

It has been long anticipated that notes and coins will vanish from our existence, and soon become a tale to tell our children and grandchildren of how sadly this world has once conducted itself.

Just as our grandparents and their forefathers, who lived in a world with no credit cards, and no global liquidity between currencies, or their earlier ancestors who traded with golden stamped coins, or engaged in barter trading.

All of the folklore we grew up on, describing a futuristic world, are now a reality. To demonstrate that, Nike decided to issue a "back to the future" sport shoe with automatic laces. They did it for the gimmick and publicity it would bring them, but it goes to show you that even the minor things that were considered impossible not long ago are now in existence. The biggest invention of recent years is obviously the internet which has transformed the human being into something different of what it used to be in the past.

The human existence is connected via a virtual network, and soon enough everyone will be there.

A mobile world

The internet being described as something recent maybe appear absurd to most folks. We have already forgotten that not long ago, a connection would have been commonly conducted through means like mail exchange, which nowadays seem obsolete.

The new thing which is happening to us, is mobile. Not only you can be connected to information and people sitting on your desktop or laptop at home, you are ALWAYS connected and should remain as such, if you plan to be a part of the modern society (including modern businesses). Here are some stats on the subject.

Considering all of the above, I was very surprised when I read about the lagging mobile money transfers on Out of the 20 leading companies in the UK foreign exchange market, only 1 company has a proper app that allows sending money online. That company is world first money transfer by the way.

There are other alternatives like e-wallets that will allow you to send money between 2 peers.

The recent news are from Apple with Apple-Pay, as well as good ol' PayPal with their app.

Still, it defies logic that not all companies dealing in this industry, with such high margins, with a definite NEED to be available 24/7 for all transfers worldwide, who spend literally tens of thousands of dollars (or Sterling) monthly on live dealers and live assistance, don't translate their already existing platform into the mobile world.

It is considerable and sensible that all transactions, either personal or between business, will soon be done in an instant via mobile devices. Soon after, the next "wearable" or "integrated device", should have these functionalities, but before we jump there, let's hope more money transfer companies will realize that in nowadays' world - have an app is beyond recommended, it's a must.

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