The
present scenario and development in the technology represent the significant
growth in the coming years. Moreover, the transferring of money from one
country to another country by a foreign worker is known as remittances.
Whereas, in the ancient era, the remittance was much difficult as the doing
remittance the person have to stand in a line for a long time at the financial
institutions but in the modern trend, technology is transforming the industry
of remittance. The North American Companies are showing their efforts for
developing the technology which is less time consuming and required little
expense rather than the traditional way of doing remittance. According to the
report analysis, ‘Remittance
Industry Research and Market Reports’ states that the major portion of
the population is presently depending in this money directly and the
introduction of blockchain technology in the North American remittance industry
has become more attractive and outflow of remittance has become more effective
and less expensive as the blockchain eliminate the presence of middle man which
automatically reduces the cost.
Remittances
were expensive before the introduction of blockchain technology in the North
America region as the senders had to pay both foreign exchange and transaction
fee. The North America sustainable development goal refers to reducing
remittance costs as a key development objective. Moreover, in this region the
blockchain holds great capacity for enhancing payment systems, but for the
moment that capacity remains largely unrealized. The technology of blockchain
provided guaranteed, real time transactions across borders, minimizing the risk
of loss due to currency variation. In the coming years, the technology of
blockchain will exert far reaching influence on the North American remittance
market and will occupy for more share in the following years. According to the
report analysis, ‘The
Market Research Reports for Remittance’ states that North America,
especially The United States, is playing a significant role which cannot be
neglect. Not only has this, GDP of under developed countries is also affected
by the remittances received and results to the significant economic growth.
Moreover, the leading players of North America are playing significant role in
the remittance industry and the market is becoming more advanced with the more
development and innovations in the applications of the blockchain technology.
The government of North America is also using the blockchain technology with
the increasing concern of fraud, terrorists, criminals and others to transfer
their money around the globe.
In
the recent trend, the digitalization and urban population is growing rapidly by
time which highly make the use of mobile phones as the major opportunity which
will enlarge the way of transferring money by the foreign worker. In addition,
the companies of North America are also adopting the new techniques and serves
cheaper, reliable and faster money transfer with the use of blockchain network.
With the further development in the applications of the blockchain technology
the market of North American remittance will become more attractive which will
attract new investors to support the market more significantly and provide more
opportunities for both the new investors and consumers which will make the
market more competitive. Therefore, in the coming years it is expected that
with the significant development in the applications of the blockchain with the
new techniques the North American Remittance market will grow more effectively
over the decades.
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Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91
9015378249
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