New research from remittance specialist Azimo, demonstrates that the percentage of money transfers sent from mobile phones has more than doubled in the 12 months to January 2015.
Azimo’s research found that almost one in 10 people between the ages of 18 and 24 have
sent money via a mobile phone. Just one in 200 people over the age of 55 have done so.
The most popular method of sending money overseas remains a high street money transfer provider (over 40%), followed by banks (38%) and online providers (less than 20%).
Amongst 18 to 24-year-olds banks are the most popular money transfer corridor overall (36%). This age group is more likely to go online (26%) and less likely to use a high street money firm (18%).
“It’s not a surprise that the younger generations are using technology to send money overseas. Online and mobile payments are only going to become more popular as people become more aware that they’re super easy, low cost, fast and secure,” comments Michael Kent, CEO of Azimo.
“We want to help our customers of all ages become increasingly savvy about how they send money abroad and prevent them from being ripped off by the traditional high-street players in the market.”
However according to Azimo’s research customers are not yet looking for new ways to collect money. Two fifths (41%) said they would still like their recipients to be able to pick up cash from retail locations with a similar amount sending money directly to a bank account. Less than five per cent of people are currently interested in receiving money using a mobile wallet on a smartphone.