According to “Money may make the world go round, but at what cost?” by Matthew Wall, it talks about a new method of transferring money abroad. One company mentioned in the article, TransferWise, created peer-to-peer transferring by “matching people transferring money in one direction with people transferring it in the other.” What TransferWise aims to do is to create an affordable and also convenient way of moving different currencies without the bank’s “monopoly on moving money around the world.” The company saw a business need, such as lack of availability when it came to methods of moving/sending money, and created a platform by incorporating FinTech.
Through this innovation, consumers are no longer limited to bank transfers, which tends to be expensive depending on the currencies being exchanged. As the article mentioned, “the future of money is digital, given the continued rapid rise of mobile phone adoption.” With mobile adaption, it makes the process hassle free and convenient for users. However, with such ease comes skepticism surrounding security. Since it is still a new innovation, consumers will have to be convinced of its reliability. Until then, the market of international money transfers may continue to stay in the next few years.
Source: http://www.bbc.com/news/business-31639262
Informative ! But yes, i would still be skeptical if it comes to using this medium with security being the main concern. Even if they work on the security in the future and claim that their tech is near perfect, this well known adage is hard to ignore – “Every time an institution builds a higher wall to fight fraud, the criminals just get taller ladders.”