Apps are created to simplify currency exchanges for avid travelers
Trend - New apps and platforms are emerging to cater to travelers looking for a safer way to exchange and obtain currency when they're traveling. These new apps help convert funds and even deposit old currencies into other places like PayPal to ease the burden of exchanging money at the bank or in a different country.
Insight - When traveling, there are a number of barriers that people have to go around in order to have productive or enjoyable stays. When it comes to things like language or financial differences, consumers look for services that help them communicate and exchange in a way that's efficient.
Insight - When traveling, there are a number of barriers that people have to go around in order to have productive or enjoyable stays. When it comes to things like language or financial differences, consumers look for services that help them communicate and exchange in a way that's efficient.
Workshop Question - How can you help reduce a consumers preparation time for leisure activities?
Trend Themes
1. Multi-currency Exchange Apps - Apps like Kruma and WeSwap allow travelers to exchange different types of currencies on a P2P basis, ensuring that a fair and completely transparent rate is given.
2. Foreign Currency Conversion Apps - WorldKoins converts leftover currency from one's travels to PayPal or donatable to a charity, solving the burden of exchanging money at banks in different countries.
3. Multi-currency Cards - Continental Currency Exchange's OneCard is a multi-currency card allowing consumers to switch between currencies with ease as they travel to different destinations, making it perfect for travelers.
Industry Implications
1. Fintech - The emergence of foreign exchange apps cater to travelers looking for convenience, speed, and transparency in their travel transactions.
2. Travel and Hospitality - Travelers are in need of convenient and safe solutions to handle their finances while traveling, making international currency exchange apps and multi-currency cards the perfect solution for travel and hospitality industries.
3. Digital Banking - Kruma's digital banking solution has offered a more cost-effective and hassle-free alternative to traditional banking systems, representing a huge disruption in the digital banking industry.
