Remittance
industry is growing by the time and with the new innovations in the technology.
With the development in the technology remittance inflows are become more
smooth and less time consuming. Remittance industry plays a significant role in
the GDP of the economy and economic growth. Moreover, the remittance have a
positive impact on the livelihoods of people across the world. Whereas,
lower-middle regions are the biggest destinations for remittance inflows and
the U.S. and Saudi Arabia are the great contributors to the global remittance
market carried by significant remittance outflows by foreign workers.
Additionally, this remittance market is totally depend on the migrated
population living across the world.
According to the report analysis, ‘Market
Research Reports for Remittance’ states that with the more development
in the technologies such as blockchain, digital transactions, Fintech and
others of remittance industry lead the market growth in the forecasted period
and in the coming years, more development and innovations are done which make
the market more innovative and profitable.
Blockchain
technology is the most prominent technology of this industry as with this
technology any one can send money at home places from abroad with the use of
cryptocurrencies. Moreover, the stage of Blockchain help in reducing the
transaction fee and less time consuming furthermore, it is very much popular in
making effective transaction. In 2016 it is observed by the World Bank that the
remittance will total USD 585.1 billion. The effective applications of the
blockchain is spreading across the globe such as it doesn’t include higher cost
and have high speed with the simplified experience. Majorly, it eliminate the
existence of middle man. Ripple is one of the most widely used blockchain
technologies for cross border payments. Not only has this, another technology
of Fintech is also capturing the market of remittance as it simply target the
same customers of the Western Union/Money Gram at a lower cost via an improved
process. Fintech is considering the distributed ledger technology as the
backbone of a new cross-border payments infrastructure to solve inefficiencies
and provide faster, more affordable services. Additionally, the digital
transaction technology is playing vital role in this market and acquiring huge
share with the more development in the technology. Moreover, with this
technology the traditional remittance had been eliminated which includes
waiting in line for several hours. Moreover, with the increase in the
urbanization and digitalization signify the transfer of money with the usage of
mobile phones. The introduction of smart phones is helping to break down the
issues of cross-border payments. According to the report analysis, ‘Remittance
Industry Research and Market Reports’ states that with the more
development in the technologies and introduction of the new technologies will
lead the market growth in the modern trend and make the market more competitive
with the existence of numerous technologies.
North
America and South Africa is dominating the market more significantly with the
technology of blockchain and digital transactions and it is expected Europe is
also performing in the more auspicious manner for acquiring the huge share in
this industry. Not only has this, Asia Pacific region is start doing so many
projects and development in the innovations and development in the existing
technology as the market of remittance is becoming more competitive and
attractive which can attract so many investors within a specified time and make
the market fruitful for both investors and foreign workers. Therefore, it is
expected that in the coming years, the market of technologies in the remittance
industry will grow more significantly over the decades.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
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