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Benefits of transferring money abroad through mobile banking apps

People are increasingly relying on mobile devices for a variety of services. Nobody had heard of an app when Apple launched its first iPhone in 2007. Fast forward 12 years, and there are almost four million apps available on the App Store.[1] It’s hard to imagine a device without apps – you can use them for everything from booking a taxi to ordering food and even learning a new language. They offer hours of entertainment too – games account for nearly a quarter of all apps.

Considering the growth in the number of mobile devices in use around the world, this should come as no surprise. According to the Global System for Mobile Communication Association (GSMA), the global body representing mobile network operators, in 2019, there were 3.8 billion mobile internet users- roughly half of the world’s population. Over 50% of those users had access to 4G, the fastest mobile broadband, which significantly increased download speeds and enabled a new range of functionality when it launched in Scandinavia in 2009[2].

One of the ways mobile devices are facilitating financial services is by helping people to send and receive money. Figures published by the GSMA in its latest State of the Industry report on Mobile Money show there were 866 million registered mobile money accounts across 90 countries in 2018. They processed an average of US$1.3 billion each day. [3]

Mobile banking apps also make life much easier for expats to send money home to their loved ones because the whole process is safer and more convenient.

Save time for the things that matter
One of the main benefits of mobile banking apps is convenience because it gives customers the benefit of remitting whenever they need to, wherever they are.

Thanks to mobile banking apps, you can now complete the transaction on your mobile device from the comfort of your home. Once you’ve downloaded the app, you only need an internet connection to arrange a mobile money transfer. The receiver can store the funds in a mobile wallet- a digital version of the wallet you carry in your pocket- and spend it directly from their device if their native country supports the necessary payment infrastructure. If not, they can show up at a branch to withdraw cash.

Sending remittances via a mobile money transfer app frees up time that you can dedicate to the essential things in life, such as hanging out with friends or indulging in a hobby, and minimises disruption like having to leave work early.

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