As a medium for exchanging value, Money is probably the most important invention that has had a such a deep impact on the way the humanity has evolved. It will not be an exaggeration to state that the shape of the world today is largely a result of an amazing invention, which has been an integral part of human history for more than 3000 years!
As a concept, money is not meant to stay static or idle. Money serves its purpose only when it moves from one hand to another and from one place to another, reflecting economic activity that benefits its participants. The concept of exchange of value, which originated as a system of barter – exchange of goods and services for other goods or services – has evolved over time taking various forms such as clay tokens, agricultural products, livestock, metal coins, paper notes, plastic cards, electronic/mobile records, cryptocurrencies, with each new form aiming to eliminate the pitfalls of its earlier forms.
International Money Transfers for trade payments as well as for individual remittances have evolved over time with the changing shape of money and breakthroughs in industry and technology. As a provider of digital international money transfers, we at InstaReM, look back in the past to understand how the concept of money transfers has evolved, and crystal-gaze into future to visualize how the way it may move from here.
With fintech firms increasingly taking on banking sector with efficient and cost-effective offerings in financial services, the future of the International Money Transfer industry looks exciting. While we see increasing adoption of Blockchain by the Money Transfer companies, with new breakthroughs in Artificial Intelligence, we see immense possibilities in Voice-based cross-border transfers.