What does the future in Remittance look like?
Transferwise asked more than 1,000 Singaporeans and they said …
55% believe sending money abroad will one day be instant.
46% believe sending money abroad will one day be free.
52% believe a product will exist to allow consumers to withdraw money anywhere without extra charges.
Singaporeans were optimistic about the future. They, like us, believed that sending money should be as easy as sending an email.
However, Singaporeans were less positive about the nation’s cashless agenda. Some financial institutions will remain fundamental to daily life, and Singaporeans predict cash to be one of them.
64% of Singaporeans believe cash will still exist in the next 15 to 20 years.
76% believe it’s unlikely to have one global currency.
73% believe physical bank branches will still exist.
To this vision of the future, today’s providers need to better equip consumers with all the information they need.
The first step is to be transparent about all costs, so that consumers can make better decisions, and get the most value out of their transactions. The second step is for customers, companies, and governments to embrace all the possibilities that technology offers, so that sending money becomes as instantaneous as sending an email.
The future of remittance is to empower consumers to move their money – and as a result, their lives – seamlessly across the globe.
Adopting a cashless mindset and usage pattern is key to taking the first step to this future – and this is already happening with the increase use of cashless options. In 2017, 40% of Singaporeans have increased mobile payment services use, with an increase of 53% adoption from the previous year.2
When moving money is instant and free, the idea of living anywhere across the globe at anytime, supported and enabled by these borderless money transfers, will no longer be a pipe dream.