Technological advances are changing the currency exchange landscape, according to experts.
Currency exchange specialist, Currencies Direct, says the currency exchange landscape will change “beyond recognition” over the coming years.
Key drivers of the changes include tablets, smartphones, mobile wallet technology and online video content.
Currencies Direct says that these trends and gadgets are having a massive impact on consumer behaviour and businesses who deal in payments and currency exchange risk being left behind if they don’t move with the times.
Digital payments technology in particular looks set to bring about massive changes. Using these technologies, consumers don’t need money or cards to make payments but can instead make use of a cloud-based authentication system to pay for goods and services. All they need to do is tap or wave a smartphone in front of a specialist reader.
The growth of iPad and smartphone ownership as well as mobile internet and WiFi are also opening up more opportunities for currency exchange and payment platforms, says Currencies Direct. There is expected to be growing demand for products such as advanced currency conversion apps and more.
Head of Marketing at Currencies Direct, Jose Ivars-Lopez, said, "New technologies such as NFC-equipped smartphones and tablet computers are opening up a world of new opportunities for companies in the currency exchange sector, and the movement towards a more visual web will change the way that brands can engage with their customers.”