REUTERS : “Digital Wallets Could Quicken Currency Exchange Payments”

REUTERS : “Digital Wallets Could Quicken Currency Exchange
Payments, Say Currencies Direct”

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.