Connect with us

Tech

Money evolution driven by technology and innovation

Published

on

 


Money has come a long way, from the barter system, where goods such as livestock and jewelery are exchanged, to the use of metals such as copper, silver and gold, and then currency systems such as banknotes and coins. rice field. And now, centuries later, digital technology is transforming the way we trade, rather than digging into physical banknote pockets, making more people more convenient with digital payment methods. However, while domestic payments today are nearly seamless, cross-border payments are still lagging behind in terms of cost, speed, and convenience.

From alternatives to essentials

We live in an on-demand world, and the Internet provides instant, convenient and seamless services for entertainment, health and financial services. For example, Grab has built a super app that provides convenient services for making digital payments, and companies such as Touch n Go are integrating their e-wallet services into their digital payment infrastructure.

Thanks to government regulatory support, the fintech industry has experienced rapid growth and progress in domestic banking. But there’s still a lot to do, especially in the area of ​​money transfers. In fact, in Malaysia, a recent study commissioned by Wise found that high costs and long wait times remained the biggest challenges when it came to sending remittances.

These challenges for cross-border payments continue today as the historic financial system was built with a focus on domestic needs. Therefore, sending money to another country means that you have to transfer funds through many intermediary banks, which is a very inefficient arrangement, resulting in delays and high fees. increase.

How to drive cross-border transactions through innovation

Digital payments are accelerating globally, and this growth trajectory in Asia is huge. The penetration rate of E-wallets here is also much higher than in other regions.

The future path of the cross-border industry is the ability to innovate to meet changing customer needs and provide low-cost, convenient and secure services.

convenience

The days of long queues at banks and the need to go to a physical money transfer branch to transfer money are over. Consumers want to use their smartphones to trade money online or on the move.

fast

Transfer speed is an important consideration for many consumers, with 61% of Malaysians saying it is an important factor in choosing an online money transfer service. According to the same survey, slow remittances, especially the long time it takes for remittances to reach recipients, are a major concern for 57% of Malaysians.

It’s cheap

A whopping 50% of Malaysians find the high costs associated with remittances a challenge, demonstrating the significant need for cheaper and more transparent options. Traditional methods of sending money abroad through traditional financial institutions usually involve high fees and hidden fees. In many cases, the total cost will not be known until the transaction is completed, mainly due to the disruption of the remittance fee structure, which is a problem solved by fintech companies like Wise.

safety

As digital transactions evolve, so do cybercrime cases.

Malaysia’s Digital Economy Corporation has made this one of its focus areas and is working with ecosystem players to enhance its security solutions.

As the fintech sector advances, especially in the payments sector, where players have emerged to solve diverse needs and governments have collaborated to drive industry growth through real-time payment initiatives such as DuitNow. Now it’s an exciting time.

The innovation-backed industry is at the forefront of the payments revolution, which has just begun to provide consumers with the right level of experience.

This article was contributed by Lim Paik Wan, Country Manager of Wise Malaysia.

Sources

1/ https://Google.com/

2/ https://www.thesundaily.my/business/the-evolution-of-money-driven-by-tech-and-innovation-AD8324064

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or collab[email protected]