Mobile payments are a great way to build income streams, regardless of where you are, which can be great for those who live and travel abroad. Expats, for example, can benefit greatly from cross-border transactions, which can provide access to a global digital economy.
It helps provide location independence in financial strength. With that in mind, this guide will take a look at how mobile payments allow expats to build their income streams from any location they desire.
It offers global client access
Expats who use freelance platforms like Upwork, for example, and e-commerce sites like Amazon, offer services or sell products to a worldwide customer base. As such, having mobile gateways and digital wallets integrate with such platforms mentioned above, ensuring they receive payment from any country.
Provides efficient fund management with multi-currency accounts
There are a number of services that offer multi-currency accounts, which allow expats to receive, spend, and hold money in various currencies. Such platforms include Revolut and Wise. This often helps expats to retain more of their earnings, whilst mitigating foreign exchange rates.
Access to remote work and the gig economy
Mobile apps help facilitate participation within the global gig economy. This includes remote employment, too. Having mobile payment systems is the primary mechanism for receiving on-demand payouts that adapt to changing locations and schedules.
Lower transaction costs and increase speed
Mobile payment solutions utilize efficient peer-to-peer and business-to-business transfer methods. These are often a lot faster and cheaper than traditional wire transfers. This level of speed is often crucial for managing day-to-day finances and business operations, which expats benefit from across borders.
Making use of a credit card reader can help lower transaction costs and help make payments anywhere and everywhere.
Financial inclusion and alternative banking opportunities
With regions that are underdeveloped or have restrictive local banking systems, it offers essential financial access to those who need it.
Expats can manage their finances without having to rely on local bank accounts, as well as using mobile solutions to invest, save, and receive payments securely.
Investment opportunities
The use of specific apps can allow expats the opportunity to invest in global markets, ETFs, stocks, and cryptocurrencies directly through their own smartphones. This can create passive income streams that are independent of their physical location.
Monetizing digital content and assets
Many mobile platforms are able to provide expats with the ability to build a global following. Platforms like TikTok, YouTube, and Patreon can all help monetize the user’s creativity or expertise. This can be done through ad revenue, sponsorships, and subscriber content.
Mobile payments help to streamline the reception of these diverse income streams for expats.
Seamless e-commerce and property rental
There are great apps like VRBO and Airbnb that help manage property rental remotely, receiving rental income via integrated payment solutions. This can also be helpful when transforming physical assets into location-independent income streams.
Mobile payments let expats build income streams anywhere in the world, so it’s certainly worth embracing such efforts where possible to with income potential whilst traveling.