Around the world, PayTech or payments technology is only getting more and more mainstream. Society everywhere is heading towards cashless, with electronic methods of making payments now preferred by the majority. Credits and debit cards are also beginning to look like somewhat of a relic of the past these days, particularly in Africa where mobile payment wallets and fast, convenient electronic payments are becoming the norm. This has been especially useful for people who are working abroad and supporting family in Africa financially.
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PayTech in Africa
A recent article by PYMNTS discussed the growth of payments technology or PayTech in Africa. Throughout the continent, they say, central banks are now increasingly joining forces with the private sector in order to deliver a digitized payment ecosystem. According to the article, this is mainly to meet a rapidly growing consumer preference for electronic payment options that are faster, more convenient, and hassle-free.
In June 2022, the Central Bank of Ghana launched their new mobile wallet GhanaPay. The article describes it as being designed for banks, savings companies, lenders, and community and rural banks. Along with this payments service provider PayU has recently announced an expansion into the market in Ghana, with a growing presence throughout Africa as a whole. With smartphone technology also on the rise, there is a growing number of options on offer for easy electronic payments made both to recipients in the same country or internationally.
Why is PayTech Popular in Africa?
Convenient electronic payments are becoming more and more popular all around the world, and the continent of Africa is no exception. Consumers are increasingly demanding hassle-free, easy ways to send money, receive money and make payments, and banks and payment providers need to keep up with the demand. In particular, people who work abroad and have families at home in African countries are finding PayTech particularly useful, as they can easily send money to their families through mobile wallets using international money transfer apps like Ria Money Transfer app.
How PayTech Keeps Families Connected
With international money transfer apps and electronic wallets that people can easily access on a laptop or smartphone, payments technology is helping to keep families connected and make it easier for individuals to support their families back home when working abroad. In African countries in particular, it is not uncommon for a family member to go and live and work in a Western country for some time in order to send money back home and improve the family situation. Rather than being forced to use expensive, time-consuming wire transfer options that were once all that was available, people working abroad to earn money for the family can make easy transfers using their smartphone without having to go out and visit a bank or money transfer counter.
Electronic money transfers are only getting more and more popular around the world. In Africa, they are making it easier for people from a range of African countries to support their families and build better lives at home, when working abroad. Today it has become easier than ever for anybody to make quick, easy, and convenient international money transfers.