Transfer
of money from one country to another country by a foreign worker is known as
remittances. In traditional times, doing remittance was much harder as it
require to be stuck in a queue for a long time at financial institutions
whereas, in the recent trend the development in the technology eliminate this
traditional way doing remittance, now with the help of Blockchain technology
any one can transfer money from anywhere at any time which further saves time
and less expensive. However, the vital portion of citizenry is directly depend
on the remittance, which is often used for the education, basic household
goods, housing, health care costs, food and others. Not only this, the GDP of
developing countries is also affected by the remittances received and results
to the efficient economic growth. According to the report analysis, ‘Remittance
Market Research Report’ suggests that some of the countries receives
tens of billions of US dollars as remittances and the market is becoming more
developed with more innovations in the applications of Blockchain.
According
to the World Bank research, the international remittances expected to reach
above USD 500 billion in 2017 whereas, international section is working
efficiently and doing more development in the applications of the technology
that will significantly improve the cross border transactions. Moreover, India,
China and other Asia Pacific region receives tens of billions of US dollars as
remittances and government are also using Blockchain technology related to the
concern over fraud, criminals, terrorists to transfer their money across the
globe. Moreover, the Blockchain companies can outwit traditional wire transfer
companies by providing a cheap, fast and secure system to move money from one
part of the world to another. Digital transactions could well be the solution,
especially because Blockchain technology allows payments to be processed
instantly. Not only has this, the technology of Blockchain provides guaranteed,
real-time transactions across the borders, reducing the risk of loss due to
currency fluctuations as this technology cutting out many of the traditional
middlemen and making money remittance more affordable. According to the report
analysis, ‘Remittance
Industry Research Report’ suggests that the scope of Blockchain for
remittance is increasing in emerging markets and this technology can speed up
and simplify the cross border payments process. Moreover, advancement is
continue in the technology across the globe and in all types of applications which
help the foreign worker in operating the Blockchain and generating more options
related to the remittance.
Due
to the transparency in this the usage of Blockchain is done widely and can be
easily accessed. Moreover, in this modern era, urban population is increasing
by time which majorly make the usage of mobile phones and digitization of money
are the two major opportunities which are expanding the way of transferring the
money. Usage of Blockchain is done widely, even in developing countries also. In
addition, Bitcoin is the widely used cryptocurrency, though competitors such as
Ethereum, Ripple and Litecoin also operate in the landscape of global payments.
With
the existence of Banks and other independent agencies which includes Ria,
PayPal, Western Union and others and banks include DBS Bank, Bank of America
and others make the transfer of money from one country to another. Moreover,
companies are also adopting the new technology and will drive the market of
remittances and providing, cheaper, faster and reliable money transfer using
Blockchain network such as Money Gram and others.
Existence of companies, Banks, and independent
agencies lead the competitive market which provide more opportunities for the
both new investors and consumers and make the market more profitable.
Therefore, it is expected that in the coming years the market of remittance
will lead to growth in the coming years over the decades with the efficient
working of key players in the applications of Blockchain in the remittance industry
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
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