New Technologies Set to Revolutionise the Foreign Exchange Industry, Say Currencies Direct

LONDON, ENGLAND, January 30, 2012 (Press-News.org) A raft of new technologies and trends are set to change the currency exchange landscape beyond recognition in the years to come, say currency exchange specialists Currencies Direct.

The main drivers of this sea-change are digital wallet technology, smartphones and tablet computers, and the rise of video-based Internet content. These technologies are changing consumer behaviour beyond recognition, and companies within the payments and currency exchange sector who do not adapt to these changes risk being left behind.

Digital wallets and electronic payment systems are set to revolutionise the payment sphere in the years ahead. These technologies do away with the need for cash and physical credit and debit cards, replacing them with a cloud-based authentication system for convenient and efficient payments. Smartphones equipped with NFC (Near Field Communication) technology can simply be tapped against a compatible reader in order to transfer payments directly from the user's account, speeding up currency exchange transactions in the process.

Already, systems such as Google Wallet and Mastercard's Paypass are making inroads into this market, which is expected to be worth around $40bn by 2015, and they will be joined by Paypal later in 2012.

The rapid growth of tablet computers, such as the ubiquitous iPad, and the emergence of 4G mobile Internet and Wi-Fi clouds are making access to the Internet while on the move easier than ever before. This opens up a whole new market for electronic payment and currency exchange platforms, and could see them move further into the mainstream with the likes of advanced currency converter apps and more.

Faster mobile and Wi-Fi Internet connections are also facilitating a more visual web, with a higher percentage of video-based content. According to a Cisco Systems study, 80 per cent of all Internet traffic will be driven by video by 2015. Features such as video brochures, video newsletters, and regular video communications could overtake text and static visuals as the main form of content on company websites and e-shots within just a few years.

Head of Marketing at Currencies Direct, Jose Ivars-Lopez, comments:

"Technological changes are making the world smaller every day, and consumers and businesses are increasingly looking for more convenient and efficient ways to make and receive payments"

"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. We video a daily podcast summary of the market whereas in the past this was only sent out as a written document. Our customers find it easier to engage with this form of information.

"We believe that those firms that are bold and innovative enough to capitalise on these technological changes will see huge growth in the years ahead."

About Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider. Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.

Media Contact:
Name: Amy Barson
Email: amy.b@currenciesdirect.com
W: http://www.currenciesdirect.com/
020 7847 92 46
Address: 51 Moorgate, London, EC2R 6BH, UnitedKingdom