The payments industry has been evolving rapidly, especially in the last few years with the growing shift to digital.
The global payments ecosystem is constantly changing as new startups try to change the way we move money around the world. Mobile wallets and the increased importance of card security to reduce fraud are some of the major trends that are shaping the future of payments processing.
Business Insider Australia has explored the key developments and compiled a list of these types of innovative payment processing that will mark the future of the payments industry.
Digital Remittance is one key area of innovation. Migrants have been sending money to their families and friends in their home countries for decades, but the digital shift is making that process easier than ever. The World Bank expects remittances to climb to $636 billion in 2017.
One firm innovating in the foreign exchange transfer payment space is FlashFX, a cutting edge FinTech start-up based in Sydney Australia.
FlashFX is one of the first to implement the innovative Ripple technology, allowing them to cut currency transfer time significantly and deliver significantly better value.
Unlike the traditional currency converters and the big banks, FlashFX enables users to track their currency transfer like a package from start to finish. Users know exactly what they are getting, without hidden fees.
Customers also can look at past exchange rates and choose the conversion rate they'd like. Users can plan and automate their international money transfers to suit their needs.