Yes, you’ve got it right: electronic money transfers are anything but new. Around 1871, first money transfer notes came into circulation via telegraph in the US. Thus, the term ‘wire transfers’. For more than a century the technology of wire transfer has been in a grip of banking system. But in the wake of 150 anniversary moving money electronically across the world is taking huge strides.

In Europe, this year will end with the final deadline for the implementation of the Revised Directive on Payments Services (PSD2) across the EU. Directive not only improves the safety and reliability features of online banking but also prescribes integration of conventional banking system with Fintech. Payment Institutions (PIs) and Electronic Money Institutions (EMIs) – such as Paylar – have disrupted old banking system weakening old-timers stuck on non-value services; it’s driving down costs of wire transfers considerably and increasing positive customer experience with lightning-fast and reliable 24/7 payment services. EU’s strive for more accessible financial services for its citizens will inevitably make EMIs and PIs a golden standard all around the world, as it already happened with other EU-driven standard-setting initiatives.

Across the Atlantic, US banking system is still holding on, mainly due to strong lobby and orthodox regulations preventing Fintech from entering payments market on its own. But there too traditional financial institutions are looking for the ways to adapt, offering a gateway for EMIs and PIs to establish their presence by the means of Banking as a service (BaaS). If you want to know more, check out this Forbes article on the matter.

In South Asia, China is leading the charge with mind-blowingly massive adoption of Fintech solutions, followed closely by huge India’s market. In Southeast Asia, Japan, South Korea and Singapore are enjoying their own electronic money transfer and payment services for two decades already.

African continent skipped entire stages of evolution of financial services with early adoption of mobile phone banking becoming a lucrative ground for massive Fintech adoption.

Last but not least, across the globe Covid-19 makes an unexpected catalyst for Fintech surge. Health hazards associated with operating cash, restricted international travel as well as pandemic-related business challenges that make traditional financial institutions unattractive for small and medium enterprises – all of these factors drive rapid adoption of EMI/PI services even further.

Due to these circumstances, financial services will never be the same after 2020. After one and a half-century electronic money transfers and payment services are finally taking center stage. Waiting any longer to adopt it will only cost more flexibility and money lost to the geriatric financial system. And with a choice never been wider why not try it out yourself? And Paylar would make for a perfect starting point.