Are you willing to know the detailed information about Technology in Remittance? Here is our article which provides you the detailed information about the Technology in Remittance. A Remittance is used to transfer money to a friend or family member in another country. But for many, traditional remittances mean waiting in line for several hours just to get money wired to pay bills, and they almost come with loads of fees.
Technology in Remittance:-
With the International Remittances, it is expected to reach above $500 billion in 2017. As per the World Bank Report: The Global Community was in search of technologies which will improve the efficiency, safety and ultimately positive impact of these cross-border payments. Peer-to-peer money transfers, which are also known as remittances with an integral part of the societies across the globe.
Here Transferring money is more Expensive because there are limited Connections between Financial Institutions and Systems. Currently, we need to have a neutral Network to tie our dissimilar, Isolated institutions so that we can move money cheaply and seamlessly from one country to another.
The rise of Mobilization and Digitalization of Money are the Two Biggest Opportunities which are Changing The Way we Manage and Move Money.
Mobile remittances have high development potential as they hold the promise of providing quick, easy and cheap money transfers. In Africa, mobile phone usage has increased sharply and mobile banking providers are extending their services, enabling greater opportunities for mobile remittances. The rise of mobile banking in Africa, however, differs substantially across countries, mainly due to a lack of financial infrastructure. Consequently, the opportunities that mobile banking offers for mobile remittances vary geographically. The services provided do not always meet the needs of remittance senders and the African remittances market is generally under-acknowledged as an important market by providers. Restrictive financial regulations play a key role as well. Mobile remittances have the potential to become an important and revolutionary tool for remittances sending in Africa. Effective policies should, therefore, address the limitations in the regulatory and financial infrastructure for mobile banking to become the foundation for mobile remittances.
