Fintech Apps Reinvent How We Send Money
In December 2009, Apple registered a trademark for the phrase “There’s an app for that”. The company had started using the slogan in their TV ads, to promote all the different apps available in the App Store. It proved to be so popular they didn’t want other retailers and tech companies to use it. The popularity of the phrase was an indication of what’s to come. As of the first quarter of 2018, there are around 2 million apps in the App Store and 3.8 million apps in Google Play.
The app economy ballooned from being almost non-existent in 2008 to being worth a staggering $1.3 trillion in 2017. What’s more, it’s expected to grow to $6.3 trillion by 2021. Today, around 3.4 billion people use apps, a figure that’s expected to rise to 6.3 billion people in a few years. These stats show how almost everyone accepts and uses mobile apps, and how deeply they’re integrated in today’s and tomorrow’s society.
Of the 2 million apps in the App Store, around 10% are business apps. Apps have made it much easier to do business. And this includes finances. Finance apps constitute a big chunk of these business apps. They help people manage their finances faster, cheaper, and easier. Often, these apps are made by fintech companies in tech and finance hubs such as Silicon Valley or London. In fact, the fintech industry is growing rapidly. Fintech startups around the world received $12.85 billion in venture capital funding in 2017. And it’s easy to see why. Although banks are the lifeblood of the economy, they’re buried under government regulations and have legacy systems that are slow, expensive, and not user-friendly. Additionally, many people are still unaware of what’s possible digitally. Walking around in London, I often see people queuing at the various old-school money transfer providers, to send or receive money from abroad. Considering that most people in these queues actually have physical cash on them, it’s not very safe or convenient. And these people are charged in the form of a bad retail exchange rate and a service fee. It’s expensive.
This can all be avoided. Nowadays, money transfers happen in minutes, not days. And you don’t need to queue. When you want to send money to someone, you can just use an app on your smartphone and do it immediately, wherever you are. An example of this is PaySend, where you can do this for the flat fee of £1, at the great exchange rate, regardless of the amount. You can download our app from App Store or Google Play and start sending money on the go, wherever you are, 24/7. The days of queuing and walking to the post office with bags of money should be long gone. It’s a totally different world from even only five years ago. Apps have changed the modern landscape in ways no one could have imagined. This includes managing your finances and sending money abroad, which can now be done cheaply, easily, and more secure than ever before. All you need is a smartphone and the right apps.