Shouldn’t there be a way to harness modern technology and move away from outdated cash transfer methods?
Finance Magnates
This article was written by Arik Shtilman, CEO of CashDash and Member of its Board of Directors.
In our interconnected world, the need to use cash to pay for goods and services has been dwindling. While it’s unlikely that paper money will ever disappear completely anytime soon, electronic cash transfers through debit card transactions are the norm for many consumers. Meanwhile, time – and technology – marches on.
An increasing number of consumers around the world have grown accustomed to not even pulling their debit cards out of their pockets, thanks to the rise of digital wallet services. Simply tapping your mobile phone against a kiosk or POS with an integrated NFC receiver, or allowing a POS to scan a QR code on your mobile, means losing or misplacing your bank card is no longer a worry.
Visa’s recent ‘Digital Payment’ report has showed how the number of regular mobile tripled since 2015 (54% vs 18%) paying close attention to the UK market, where 74% of consumers are ‘Mobile Payments users’. However, what about money transfers not between consumers and retailers?
Sure, you can run down to the local cashpoint, pull some money out of an ATM, and physically hand it to a friend or a family member, but this is woefully inadequate; it’s inconvenient, time-consuming, and not an option for someone who’s not in close physical proximity to you.
Wiring someone money is even more inconvenient, what with the fees charged by traditional money transfer services. Shouldn’t there be a way to harness modern technology and move away from these outdated cash transfer methods?
The Solution’s Already Here
The same technological advances that led to fast, easy, and convenient electronic card payments have already begun to revolutionize cash transfers. Online payment processors have been paving the way for a more decentralized electronic cash transfer paradigm that works on a peer-to-peer basis.
According to eMarketer’s latest mobile banking and payments forecast, the transaction value of US mobile P2P payments will grow 55.0% this year to $120.38 billion and, by the end of the year, 63.5 million US adults will use a P2P payment app at least once a month.
P2P cash transfer systems are lightweight, intuitive, and faster than any other cash transfer methods out there – including handing your friend a fistful of cash directly. An excellent example of the freedom that P2P cash transfer systems have brought to the money transfer industry on its head is PayPal, the longtime market leader in using a peer-to-peer model. The company’s ecosystem has encouraged free and easy cash transfers since nearly the very beginning.
Number of active registered users on PayPal
This statistic shows the number of total active registered user accounts to online payment platform PayPal. In the second quarter of 2017, more than 210 million accounts were active worldwide.
However, as the industry leader, there’s not much impetus for PayPal to innovate or differentiate its services from other P2P systems. There are several drawbacks to the system, as account holders who use the service as an e-commerce payment processor have to cope with fees of up to 3% or more levied on any incoming funds.
Meanwhile, using a PayPal-branded debit card to make ATM withdrawals entails extra additional fees, and transferring money out of the PayPal environment to a traditional bank account can take up to 72 hours in some instances.
The Future of P2P Cash Transfers
Despite its high adoption numbers, PayPal is hardly the best P2P cash transfer platform out there. Thankfully, there are many other companies that have innovated their way to market share – platforms like Popmoney, Venmo, Squarecash, Snapcash, and even Facebook Messenger all exist to facilitate P2P cash transfers, either from directly debiting existing bank accounts or by transferring cash maintained in a user’s account.
The world of digital cash transfers via P2P payment processors still suffers from a lack of widespread adoption. 62% of the world’s adult population has a traditional bank account – all of whom are prospective customers for P2P banking.
In fact, the number of people who opened bank accounts grew by 700 million alone from 2011 through 2014. Traditional financial service providers will have to embrace electronic systems in order for P2P cash transfers to truly become more widespread.
This process is off to a halting start. Major US banks have begun to band together to launch a joint venture in offering P2P transfers to any of their account holders – a good start, but P2P cash transfer services can do so much more.
Digital infrastructures are currently being overhauled around the world with an aim to creating truly global P2P solutions that include not just cash transfers in one currency but Exchange services as well – and at rates that don’t leave world travelers in a slump. This is a clear sign that P2P transfers won't just be a stand-alone, optional service, but a substantial feature permanently integrated into our digital wallets.
All of these developments mean that peer-to-peer cash transfer systems are off to a good start – certainly one that will make a major difference when it comes to increasing accessibility to everyday banking customers around the world. Between the currently existing platforms and those that are in the pipeline, the future of peer-to-peer electronic cash transfers is undoubtedly bright.
This article was written by Arik Shtilman, CEO of CashDash and Member of its Board of Directors.
In our interconnected world, the need to use cash to pay for goods and services has been dwindling. While it’s unlikely that paper money will ever disappear completely anytime soon, electronic cash transfers through debit card transactions are the norm for many consumers. Meanwhile, time – and technology – marches on.
An increasing number of consumers around the world have grown accustomed to not even pulling their debit cards out of their pockets, thanks to the rise of digital wallet services. Simply tapping your mobile phone against a kiosk or POS with an integrated NFC receiver, or allowing a POS to scan a QR code on your mobile, means losing or misplacing your bank card is no longer a worry.
Visa’s recent ‘Digital Payment’ report has showed how the number of regular mobile tripled since 2015 (54% vs 18%) paying close attention to the UK market, where 74% of consumers are ‘Mobile Payments users’. However, what about money transfers not between consumers and retailers?
Sure, you can run down to the local cashpoint, pull some money out of an ATM, and physically hand it to a friend or a family member, but this is woefully inadequate; it’s inconvenient, time-consuming, and not an option for someone who’s not in close physical proximity to you.
Wiring someone money is even more inconvenient, what with the fees charged by traditional money transfer services. Shouldn’t there be a way to harness modern technology and move away from these outdated cash transfer methods?
The Solution’s Already Here
The same technological advances that led to fast, easy, and convenient electronic card payments have already begun to revolutionize cash transfers. Online payment processors have been paving the way for a more decentralized electronic cash transfer paradigm that works on a peer-to-peer basis.
According to eMarketer’s latest mobile banking and payments forecast, the transaction value of US mobile P2P payments will grow 55.0% this year to $120.38 billion and, by the end of the year, 63.5 million US adults will use a P2P payment app at least once a month.
P2P cash transfer systems are lightweight, intuitive, and faster than any other cash transfer methods out there – including handing your friend a fistful of cash directly. An excellent example of the freedom that P2P cash transfer systems have brought to the money transfer industry on its head is PayPal, the longtime market leader in using a peer-to-peer model. The company’s ecosystem has encouraged free and easy cash transfers since nearly the very beginning.
Number of active registered users on PayPal
This statistic shows the number of total active registered user accounts to online payment platform PayPal. In the second quarter of 2017, more than 210 million accounts were active worldwide.
However, as the industry leader, there’s not much impetus for PayPal to innovate or differentiate its services from other P2P systems. There are several drawbacks to the system, as account holders who use the service as an e-commerce payment processor have to cope with fees of up to 3% or more levied on any incoming funds.
Meanwhile, using a PayPal-branded debit card to make ATM withdrawals entails extra additional fees, and transferring money out of the PayPal environment to a traditional bank account can take up to 72 hours in some instances.
The Future of P2P Cash Transfers
Despite its high adoption numbers, PayPal is hardly the best P2P cash transfer platform out there. Thankfully, there are many other companies that have innovated their way to market share – platforms like Popmoney, Venmo, Squarecash, Snapcash, and even Facebook Messenger all exist to facilitate P2P cash transfers, either from directly debiting existing bank accounts or by transferring cash maintained in a user’s account.
The world of digital cash transfers via P2P payment processors still suffers from a lack of widespread adoption. 62% of the world’s adult population has a traditional bank account – all of whom are prospective customers for P2P banking.
In fact, the number of people who opened bank accounts grew by 700 million alone from 2011 through 2014. Traditional financial service providers will have to embrace electronic systems in order for P2P cash transfers to truly become more widespread.
This process is off to a halting start. Major US banks have begun to band together to launch a joint venture in offering P2P transfers to any of their account holders – a good start, but P2P cash transfer services can do so much more.
Digital infrastructures are currently being overhauled around the world with an aim to creating truly global P2P solutions that include not just cash transfers in one currency but Exchange services as well – and at rates that don’t leave world travelers in a slump. This is a clear sign that P2P transfers won't just be a stand-alone, optional service, but a substantial feature permanently integrated into our digital wallets.
All of these developments mean that peer-to-peer cash transfer systems are off to a good start – certainly one that will make a major difference when it comes to increasing accessibility to everyday banking customers around the world. Between the currently existing platforms and those that are in the pipeline, the future of peer-to-peer electronic cash transfers is undoubtedly bright.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
