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With multi-national firms such as Google and Visa investing heavily in the development of Near Field Communications (NFC), leading technology experts predict 2012 will be the year we see digital and mobile wallets gain mainstream popularity after years of anticipation. However currency exchange experts, Currencies Direct, believe the technology could also be applied to foreign exchange transfers, as a means of quickening the process of cross-border payments.                                                                

Customers are often subject to delays in payments while transactions get authorised and confirmed by corresponding banking organisations. However the added security digital wallets offer could accelerate this process altogether, allowing funds to be transferred instantaneously and improving cash management.

Digital wallets (also referred to as eWallets) allow users to store important personal information and data on one card; eliminating the need for wallets full of credit and debit cards. The technology allows users to make electronic commerce transactions quickly and securely- often utilising NFC to carry out financial transactions.

However despite the ease with which payments can be made- often with a simple tap-and-go system (think London Oyster cards) - little has been said publicly about using digital and mobile wallets to manage and authorise foreign exchange. Not only managing the process through digital wallets, but also just the simple process of checking a currency converter for the latest rates.

Currently, telegraphic transfers represent the fastest, most secure method of transferring funds internationally. This inexpensive system uses electronic transmission to assign payments, with funds generally being made available to the beneficiary within 24 hours. Currencies Direct's telegraphic transfer system often reduces associated banking fees as Pound Sterling is converted to the beneficiary's currency before the payment is sent; therefore transferring directly to the beneficiary's bank.