Aside from being a more convenient alternative to cash, digital wallets have much more to offer. Consumers are frequently at the centre of discussions about the advantages of digital wallets. It’s essential to know how they might be more efficient and convenient than paying with cash and whether they’re safer in this way.
The discussions also highlight how these wallets eliminate friction points like entering credit card information or a PIN to complete a transaction. More than 3 billion registered mobile wallet users are there worldwide, out of which over 30 million are Pakistani users. Millions of expatriates send money to Pakistan online via mobile wallets since their beneficiaries can receive funds instantly and securely through the method.
These advantages are indisputable. Digital wallets, on the other hand, have a lot more to offer than just being a more convenient alternative to cash. For instance, digital wallets can make a huge difference in people’s lives regarding money remittance.
Money Remittance In The Digital Age: Surprising Challenges
Those who have never worked abroad may mistakenly believe that making a global money transfer to help your family is straightforward. However, expats frequently face challenges that no one may have anticipated.
For starters, while the cost of sending money to a developing country has decreased in recent years, it is still prohibitively expensive. Sending $200 to a country in Sub-Saharan Africa typically costs around $19.50, representing a 9.72 per cent fee. On the other hand, sending $200 to a country in East Asia or the Asia Pacific will cost you 8.33 per cent of the amount, or about US$16.50.
These costs do not include exchange rates, leaving recipients with even less money if they are unfavourable or have a commission.
Aside from the financial issues, the process itself can be excruciatingly slow. A recipient can expect to wait five working days or more before the money reaches their bank account due to government regulations, clearing procedures, and other factors.
What Role Can Digital Wallets Play?
It’s easy to see how digital wallets and services like ACE Money Transfer can help expats to transfer funds back home. Compared to traditional methods, they are frequently faster, less expensive, and, most importantly, more convenient and relevant.
Money is instantly transferred from one digital wallet to another; the recipient can then cash out the remittance at their leisure. Furthermore, the only information required by the sender is the recipient’s email address, adding to the convenience of the remittance.
ACE also maximises the benefits of digital wallet transfers. However, along with sending the funds to another digital wallet account, the transfer can be made directly into a bank account or another convenient local payment receiving option, such as a mobile money account.
Regular remittances to the same recipient are made more convenient by not renaming the recipient’s payment details after the first transfer. Furthermore, digital wallets frequently have more competitive exchange rates and lower fees, resulting in lower remittance costs. According to the World Bank, lowering remittance fees to 5% could put an additional $4 billion in the hands of African families and communities.
When compared to ACE Money Transfer, which charges no additional fees to recipients while also providing excellent exchange rates, the potential savings are even more significant. People who want to make an online money transfer to Pakistan should go with ACE for the best transactions.
Reasons To Use Mobile Wallets
Transactions can be completed instantly with mobile wallets. You’re done with a few taps and clicks. There will no longer be long queues or ATM trips to withdraw cash. Nothing can beat the satisfaction of getting what you want in a timely and convenient manner.
When you use a mobile wallet, you don’t have to enter your card number, expiry date, CVV code, and other information every time you make a purchase. When you enter your data, it is saved, and your payment is processed with a single click.
Furthermore, instead of digging through your bag for your wallet when you’re in a store, pick up your phone, which is always handy, scan the QR code, and you’re done. It’s that simple. Mobile wallet has also made it easy to send money home with a mobile wallet.
Your day-to-day transactions will be easier to process now that you have all of your card information in one place. Furthermore, your phone is always within reach, serving as more than just a communication device.
All too often, the speed and convenience of digital wallets are celebrated only in commercial transactions. However, mobile wallets have other uses. In the case of remittances, they can provide expats with the assurance that their loved ones will receive more money faster and in the most convenient format for them.
Finally, money remittances are about people providing for their families. The lower the price, the faster it arrives, and the more convenient the format, the sooner the family and the local economy benefit. If you want to instantly send money to Pakistan from the UK, Europe, Canada, Australia, Switzerland, or any other foreign country, choose ACE Money Transfer with confidence.