Over the last few decades, Asia has seen many transformational tech innovations. Advances in Fintech are among the most notable of these developments. As one of the most important economic hubs in the world, the larger Asian region continues riding on the wave of such innovations to pull communities out of poverty.
From India, China, Oman to Qatar, most of the countries in the region continue investing heavily in revolutionary financial technology to compete at a global level. One of the most notable financial innovations is in money transfer.
Digital money transfer has increased over the years, powered by new money transfer apps. From business transactions to remittances, money transfer apps now play a major role in the economies of the region.
The World Bank reported record high remittances sent globally in 2018. Global remittances, which include flows to high-income countries, hit $689 billion in 2018, up from $633 billion in 2017.
The Asia-Pacific digital remittance market size stood at $31,234 million in 2016 and projections put it at $215,817 million by 2025. It will grow at a CAGR of 24.2% from 2018 to 2025.
Money transfer technology is at the center of this increased activity in digital remittances and cross-border money transactions.
Most Notable Money transfer Apps in Asia
Whether you are a resident or a visitor to Asia, you will find it more convenient to transact money on your mobile. Money transfer apps are highly popular in all countries across this continent.
Some of the top money transfer apps you can use include:
1. Pangea Money Transfer
This is an award-winning mobile-centric money transfer platform that arrived in the region around 2017. It is a free app that originated in Latin America before moving its services to the Asian region.
Users can register and send money in seconds, and this convenience makes it one of the most popular money transfer apps in the region. It is a popular app for expatriates working in different countries across the region.
The app allows users to send fee-free transfers using their bank accounts. The platform has some of the most competitive fees on instant debit card transfers.
This is an international money transfer that charges a fixed rate handling fee of just 0.25%. It is one of the cheapest money transfer apps in the region. However, transfers take 1-2 days to complete.
First-time users get bonuses, and there are reward-based systems, referral discounts, and other incentives.
Established in Europe, TransferWise has revolutionized digital payments in the region. The brought safe and secure money transfer in 2017.
This is a peer-to-peer money transfer platform, and by 2017, people used this or web service to remit over S$1.75 billion worth of transactions. It is cheap, convenient and faster than bank transfers.
While it has its offices in London and Krakow, Azimo has garnered a large following in Asia. This is an online remittance service which aims to male international money transfer faster, cheaper, and simpler.
Launched in January 2017, SingX offers the smartest way to send money within the region and abroad. It offers better rates than banks and has no hidden charges. It has a flat commission irrespective of the size of the transfer.
The financial platform won the MAS Global Fintech Award in 2017 due to its innovative approach to money transfer. The app promises same-day transfers, better rates than banks, and seamless customer experience when using the platform.
6. WeChat Payment
Tenet, the company behind the successful social media app, has now enabled these users to make financial transactions using a new payment system. Due to the popularity of WeChat in many Asian countries, WeChat has grown into a popular money transfer solution.
This technology allows users to pay for water and electricity bills, perform transactions on e-commerce platforms, transfer money to friends, top-up mobile phones, and invest in wealth management funds, among other things.
Migrant workers across the region need a reliable and affordable solution to send money home. TransferGo targets this segment of consumers. It allow users to send money to European countries, Hong Kong, the Philippines, and India. Transactions take hours once the user deposits money to the app and provides the recipient’s details.
These are only a few of the Fintech apps creating waves in Asia. New technology emerges every day, offering you a multiple of options. These money transfer apps have made it easier, cheaper, safer, and more convenient for people in Asia to send money.
Author: Floyd Dudar is a freelance writer for nostop.net