Remittance
industry is growing rapidly and the increasing remittance also affects the GDP
of the economy. Moreover, by the time and new developments in the technology
will lead to the significant growth in the forecasted period. The great portion
of the economy is directly dependent on the remittance and with the more
innovations in the technology the remittance inflows are become less time
consuming and smooth. According to the report analysis, ‘Remittance
Industry Research and Market Reports’
states that the transferring of money to family or friend in another country
with the digital transaction is become more effective and many of the key
players are working with the technology in improving the efficiency and have a
positive impact of the cross border transactions. Moreover, in a research it is
expected that India is the world’s largest receiver of the remittance.
With
the introduction of the digital transaction in the remittance industry it will
lead to less expensive transaction and eliminate the existence of middle man
which directly reduces the fee of the cross border transactions. According to
the World Bank report, the international remittances anticipate to reach above
USD 500 billion in 2017, whereas the global body is doing development in the technologies
which will enhance the safety measures and have a productive impact on the
cross border payments. The digital remittances can assist people everywhere and
make their lives easier which enables them do to what they want to do with
their money. According to the report analysis, ‘Market
Research Reports for Remittance’
states that in the coming years UPI (Unified Payments interface) can be popularized
in this segment of consumers and allow a huge scope for the instant payment
mechanism whereas, the biggest advantage of this is that in need only a payment
address and will make fund transfer even easier. Moreover, the banks were using
NEFT and IMPS for such transfers, but in the recent trend with the UPI it would
open another channel for instant deal. Moreover, in the next version of UPI is
expected to introduce with collect mandate for consumers who will now be able
to pay their recurring payments through UPI. In addition, with the more
development in the technology the RBI approval for the new version of UPI and
make the market of digital transaction more effective in the remittance
industry.
In
the developed countries the remittance industry will grow more significantly
with the more innovations and the internet technology is proof to be secured
and most efficient way of transferring. According to the World Bank, India is
the vital country of migrant’s remittance inflows across the globe with USD
68,968 million and percentage of 11.2%. In the developed countries such as
North America and Europe is expected to acquire the handsome amount of share in
the remittance industry whereas, in UAE the major transfer of money is done
with Ripple for developing a remittance transfer mechanism which make the cross
border payment cheaper and efficient to the consumer. Therefore, it is expected
that in the coming years the market of remittance with the digital transaction
will grow more significantly over the decades and more the highly competitive
market is doing more research and development in the digital transaction.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91
9015378249
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