Surging Landscape of Blockchain Technology in the Asia Pacific Remittance Market Outlook: Ken Research

According to the report analysis, ‘Market Research Reports For Remittance’ states that the technologies in the Asia Remittance industry have become vital in the recent trend and remittance from another country’s worker made up a huge chunk for most of the Asian Nations’ GDP. Hence, the remittances are a crucial support for many in Asia Pacific region.

The technologies is playing significant role in the Asia Pacific remittance industry and this significant usage of technologies in this industry will lead to significant rise in the growth across the globe. However unsurprisingly, by the time and technological development this industry is become effective and profitable. Moreover, this industry has a significant impact on the GDP of the economy and economic growth and it may also affect the livelihoods of people around the world. The underdeveloped regions of Asia Pacific region are the highest destinations for remittance inflows the Middle East Asia regions are the major players or contributors to the Asia Pacific remittance market carried by the outstanding remittance outflows by the foreign employees.

Many of the major key players are working significantly with the technologies of Asia remittance industry which make this market more effective and attractive. The market remittance is directly relying on that population which is migrated and living around the globe. With the significant technological development this remittance industry leads to an outstanding growth in the coming years. Moreover, the technology of Blockchain is very much prominent in this market as this eliminates the middle man, less time consuming and less costly. With the help of this technology anyone can easily transfer the money from one country to another country without any hesitation and it is become very much popular in making effective transactions across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that effective applications of blockchain lead the Asia remittance market more significantly as this technology help in reduction of transaction fee and less time consuming.  The prominent applications and features of blockchain technology is split across the globe due to the less time consumption and provide better experience to the customers. Most effectively the applications of blockchain totally eliminate the middle man in the processing to blockchain. In addition, the key players are also doing significant job for enhancing the applications of blockchain which make the market more effective.

In the Asia Pacific region, the market blockchain in remittance industry is growing in an outstanding manner. Moreover, the Ripple is one of the broadly used blockchain technology for the remittance across the globe and majorly for the Asia Pacific region. As the technology, totally eliminate the traditional way of doing remittance, this will lead to significant growth to the remittance industry and expected to acquire huge share with the more development in the technology. Not only has this, the government of Asia Pacific region is processing so many related projects and significant development in the enhancement and innovations in the existing technology as the industry of remittance is becoming more attractive and competitive which can attract so many new investors. Therefore, in the coming years it is expected that the Asia Pacific remittance industry will grow effectively over the decades.

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Increasing Use of Blockchain Technology in the Indian Remittance Market Outlook: Ken Research

India is developing nation by the time with the more development in the technologies of remittance. In the last years, according to annual remittance data through The World Bank, India has the highest remittance recipient across the globe followed by China. Unsurprisingly, in India many new Fintech companies are startup with the new technology which is likely to change the traditional way of doing remittance across the globe. Since India is the largest receiver of remittance, any upgradation in the technology of cross border payments is likely to have a positive impact. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that technology of blockchain is playing vital role in the remittance from non-resident Indians (NRIs) as the major portion of Indian population is directly depend on the remittances to pay for things which includes rent, food and several other necessities. The government is also serious related to the development in India’s economy and enabling prosperity to all its citizens, it needs to settles the problems related to remittance. Hence, it can be done by the adaptation of blockchain technology which is very much helpful as it reduces cost and less time consuming process.

If we talk about the traditional way of doing remittance, it was too much time consuming process and expensive process whereas, sometimes due to error the payment lead to failure. The cross border payment can take three to five days to arrive and often go missing in the ancient times. Meanwhile, the longer a foreign worker’s money is pinned up in the process of remittance, the more exposed their payment is to volatile the market of forex. In the constitution law of India everyone is having the right to know when their payment will arrive at its destinations, at what cost and at what exchange rate whereas, which is done by the blockchain technology. This technology make international remittance more effective, easy and real time process. According to the report analysis, ‘Market Research Reports for Remittance’ states that in the cross border payment, the blockchain technology is playing wide role as it totally abolish the traditional way of doing remittance and removes the need for related banking which include middle man by enabling the interaction to a sender bank with a recipient bank when initiating a payment. However unsurprisingly, the blockchain technology is just a game changer for India.

The Indian Companies of technology are doing so many significant alteration for the development in the specification of blockchain technology. Indian government is also doing effective functioning for establishing the new technologies and new innovations in the existing functions of this technology as the remittance from another country effect the GDP of India and this development is very much helpful in attaining the highest share across the globe in the remittance industry. The key players are doing significant working for minimizing the efforts and results in effective cross border payments. Therefore, in the coming years the Indian remittance industry will grow more significantly over the decades with the more development in the economy and blockchain technology.

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Efficient Incorporation of Biometrics in Remittance Market Outlook: Ken Research

The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process. Moreover, in the recent trend the financial institutions across the globe is adopting this technology for authenticate customers accessing their facilities more effectively and significantly. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person. According to the report analysis, ’Remittance Market Research Reports’ states that numerous forms such as retina scanning, fingerprint scanning, facial expression and several others of this technology totally transform this industry and could further enlarge the nature of this market whereas, the form of fingerprint scanning is presently leading the industry. Moreover, many of the key players of this technology are also investing in the voice recognition that could turned up the market of remittance across the globe.

In the ancient era, the technology of biometrics has been used for law enforcement agencies and identification in government. In addition, the Biometrics payment is a point of sale technology that employ biometric verification to identify the customers and authorize the deduction of funds from a bank account. Moreover, in the present era with the more development and opportunities the researchers has observed a simultaneous increase in both biometrics and remittance industry and concurrently their combination into one solitary technology has been extraordinary especially with the advancement of biometrics within smart devices and smart cards that serve a more assured and efficient method of transferring monetary measures. According to the report analysis, ‘Market Research Reports For Remittance’ states that in United States, the biometrics payment has gained popularity more significantly as their number of foreign workers are increasing by the time and it is observed that millions of customers had enrolled in their biometric services and that Pay By Touch had identified approximately USD 8.0 billion in transactions as this technology include so many application such as speedy transaction, enhanced security for the end user, less expensive as compared to standard debit or charge card fees and several others. Moreover, in this technology there is no need to recollect or remember complex PINs or password, users require smiling at the camera, tapping their finger or saying few words which automatically identify the settlement.

In New Zealand, the Mobilis Networks Limited had introduced finger print identification for the cross border payments through smart phones moreover, in India the ICICI bank has also inaugurated voice based cross border payments on its Money2India employment. Moreover, in London Azimo is an online cross border payment setup which attributes biometric identification with the chat bots application which enable easy and quick transfer of money. Furthermore, there are various key players which are working effectively and accomplish the growth mobility of both remittance and biometrics industry. Therefore, in the coming year it is expected that the remittance industry will grow more significantly with the effective usage of biometrics authentication in the financial institutions over the decades.

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Increasing Demand of Blockchain and Digital Transaction Technologies in the North American Remittance Market Outlook: Ken Research

The North American remittance market is growing rapidly with the more technological development in the existing technologies as doing remittance is growing more significantly as the major portion of the economy is presently depend on this money. In addition, remittance refers to that process where a migrated worker transfer money to his/her home and with the technology doing remittance much easier and accessible by everyone. Whereas, the GDP of underdeveloped countries also affected by the remittance received and drive the region growth more significantly. According to the report analysis, ‘Market Research Reports for Remittance’ states that the technology of blockchain and digital transaction fueling the growth of the North American remittances market and with both the technology the traditional way doing remittances across the globe. In addition, the key players of both the technology are doing outstanding working and with their efficient working the remittance industry is growing with the new innovations in the technological applications.

The blockchain technology is very much helpful for the migrated persons as with the usage of this technology any one can send money from one region to another and further it saves time and result less cost. Most importantly the blockchain abolish the traditional way of doing remittances which include high cost and time consuming. Moreover, in a research it is observed that the nations of North America receives or transfer tens of billions of US dollars as remittance as the case may be and the industry is becoming more innovated with the new innovations in the specifications of blockchain. Not only has this, the digital transactions technology is also become prominent in the recent trend as the youth of present era make an extensive usage of smart phones through which anyone can transfer money from anywhere to anywhere across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that both the technology having significant applications and make the North American remittance market more reliable and effective for both the users and investors. However unsurprisingly, in the present era the innovations in the existing technologies totally abolish the earlier way of doing remittance which involve being waiting in a queue for long hours and most importantly with both the technology the elimination of middle man is done and resulted less costly and less time consuming process. Hence undoubtedly, both the technologies of the remittance playing a significant role in the lives of migrated persons.

The North America region is dominating the handsome amount of share in the remittance market across the globe and for being an effective player the North America region is investing more in this technologies for enhancing the applications of the blockchain and digital transactions. Many of the tech companies are blending up with the IT companies so that they can work across the globe with the effective solutions of doing remittance. In addition, the companies are also adopting latest technologies and will fueling the North American remittance market and which further providing better consumer experience. Therefore, in the coming years it is expected that the North American remittance market will grow more significant across the globe with the more technological development.

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Rising Landscape of Digital Technology in the Europe Remittance Market Outlook: Ken Research

The Europe remittance industry is rising with the increase in the demand of digital transactions as this will improve the efficiency and have an even impact on the cross border payments. In the ancient time, the cross border payment lead to high cost and time consuming process but with the more development in the economy or technologies doing remittance is become more effective as now it result less expense and less time consuming process. Doubtlessly, major portion an economy is directly depend on this money and the remittance has also a positive impact on the GDP. According to the report analysis, ‘The Remittance Industry Research Report’ states that the key players of Europe remittance industry are doing more research and development in the technology of digital transaction which provide high customer satisfaction. With the effective functioning of key players the market is become more competitive and attractive which easily attract the view and investors.

The significant development in the technology, eliminate the traditional way of doing remittance and make an easy way which reduce waiting in line for various hours. The technology of remittance has been changing the processes in the cross border payments and with this technological advancement the Europe remittance market have an effective growth with the additional innovations in the technology. Moreover, in the recent trend the urbanization and usage of mobile phones is increasing which leads to more opportunities and enhance the way of transferring the money from one country to another country. Not only in the developed country, the developing countries are also done the prominent usage of smart phones and which is uncontrollable. The significant usage of mobile phones and other smart products lead to effective growth to the digital transaction technology across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that the number of mobile phones users are gaining worldwide and will exceed 2.0 billion in the near future and make the Europe remittance market more successful. Moreover, with the extensive usage of smart phones the consumption of internet technology is also rising significantly in the recent trend which rigorously less efforts associated while sending money and also lead to reduction in cost of doing cross border transactions. Therefore, the technology of smart phones and internet, anyone can easily transfer the money from one economy to another very quickly and easily. Moreover, in Europe technology of digital remittance can enable the people everywhere by allowing them to what they wanted to do with their respective money.

With the internet technology, the rise of digital remittance industry is operate by rise in digitalization, reduced remittance cost and gaining in adoption of financial facilities. In the Europe region many of the key players are serving the latest technologies at a reasonable cost and the integration is the key to development and enhancement in the technologies and expected that Europe remittance industry will grow more effectively with more innovations. The Europe remittance industry is consolidated and concentrated with the few key players and moreover, it is also fragmented with smaller players which are making the market more competitive. Therefore, in the near future it is expected that the Europe remittance market will grow more significantly over the decades.

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Increasing Demand of Blockchain Technology in the North American Remittance Market Outlook: Ken Research

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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Significant Increase in the Demand of the Digital Transactions with the New Technologies in the Remittance Industry Market Outlook: Ken Research

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.

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Dynamic Landscape of Technologies in the Remittance Market Outlook: Ken Research

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.

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Blockchain Technology Increasing Demand in the Remittance Industry Market Outlook: Ken Research

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

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Increasing Demand of Digital Transactions in Remittance Industry Market Outlook: Ken Research

Transferring of money to friend or family member in another country is known as remittances. Major portion of population is currently depend on this money, which is often used for the food, housing, education, basic house hold goods and health care costs. As per the World Bank report, the international remittances expected to reach above USD 500 billion in 2017, the global community is doing more research in the development of the technologies that will improve the efficiency, safety and ultimately positive impact of these cross border transactions. Transferring money from one country to another country is very much expensive because there are limited connections between financial institutions and systems. But in the recent trend development in the technology eliminate the traditional remittance mean waiting in line for several hours just to get money wired to pay bills, and they almost always come with loads of fees. According to the report analysis, ‘Remittance Market Research Report’ suggests that change in the technology of transfer of money has been changing the workflow and all the processes in the international money transfer industry and it is also expected that the market remittance have a significant growth with the more innovations in the technology.

In the present era urban population has increases the usage of mobile and digitization of money are the two biggest opportunities that are diversifying the way of transferring the money. In the developed and developing countries the usage of smart phones is uncontrolled. In the research it is observed that the number of smart phones users are growing worldwide and will surpass 2 billion in the coming years. Across the globe, the usage of internet technology is growing rapidly in the modern trend which strictly reduce the cost and efforts associated with sending money back home. The introduction of mobile technology is helping to break down these issues of transferring the money from one country of another country. With this technology of mobile and internet anyone can now transfer the money very easily and quickly. Digital Remittances can help people everywhere make their lives easier by allowing them to do what they want to do with their money. Therefore, the technology of internet in the remittance industry plays significant role in today’s trend. With the help of internet technology, the growth of digital remittances market is driven by rise in automation and digitization, less time consuming and reduced remittance cost and growth in adoption of financial services. Moreover, many companies are offering the latest integrated technologies at a reasonable cost which are expected to drive the market efficiently. According to the report analysis, ‘Remittance Industry Research Report’ suggests that integration is the key to advancement in technology in the global digital remittance system market and expected to grow more significantly with the more innovations.

The remittance industry is majorly consolidated and concentrated among Money Gram, Western Union and others. Moreover, the remaining portion of market is fragmented with smaller players which are making market more competitive and the global remittance industry is undergoing with the significant change in the technology of internet. Companies such as Ripple are looking to change the way cross-border remittance is done. It is observed that Ripple has tied up with 25 banks globally. Moreover, Earth port is also a leading player in this market which got approvals from Reserve Bank of India (RBI).

According the research of World Bank, India is the largest country of Migrants remittance inflows with USD 68,968 million and percentage of 11.2% in the world. However, Mexico, France, Pakistan, China, Nigeria, Germany, Philippines, Bangladesh and Vietnam are the top countries which receives significant amount of remittance volume. In UAE the major transfer of money is done with Ripple for developing a remittance transfer mechanism that would be faster, cheaper and efficient to the consumer.

Remittance industry will grow rapidly as the transfer of money can be done very easily with the more innovations the internet technology and it is also proof that transfer of money with the internet technology is secured and most efficient way of transferring. Therefore, the market of remittance is growing rapidly with the technology of internet in the coming years.

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Rising Blockchian Technology in the Remittance Market Outlook: Ken Research

Overview: Remittance refers to that process in which transfer of money is done by a foreign worker to any individual in their home country. Most of developing countries are depending on the remittance which comes from the foreign worker. Not only has this the GDP of developing countries also affected by the remittances received and lead to the economic growth. In the past few years the global remittances is totaled in billions. Some countries such as India, China and others receives tens of billions of US dollars as remittances. Accordingly to the World Bank, it is estimated that remittance will total USD 585.1 billion in 2016. Moreover, according to the report analysis, Remittance Market Research Report’ suggests that remittance is having significant impact on the development of the economy growth with the increase in the income of the foreign workers.

Outlook: Transfer of money at home places from abroad through bank is bit costly and time consuming process whereas converting currencies also occur loss and need excessive time for transfer approvals. For making effective transaction blockchain platforms are established in which usage of bitcoin is done. The platform of blockchain are able to reduce fees and transfer money more quickly. The old system with the banks has been bogged down and blockchain technology is creating a new payment network that can be helpful majorly for the foreign workers as well as businesses. The applications of blockchain for remittance is broadly classified across the globe which includes no higher cost of transfer, high speed, simplified experience, elimination of middle man, security measures, privacy measures and others. Moreover, governments are using this technology related to concern over terrorists and criminals to move their money around the world. Blockchain is observed as opening the door to working with underdeveloped markets, particularly those in Africa as well as in countries throughout Asia. Whereas, the World Bank estimated that India had USD 69 billion as remittance in 2015 while China had USD 64 billion, Mexico had USD 25 billion and Nigeria had USD 21 billion. Additionally, evolution is continue in the technology of blockchain across the all types of applications which will help in remittance and generating more options related to sending and receiving money anywhere in the world. Therefore, the blockchain is very much reliable and secure thus prevents hackers. Not only has this, the key players are doing well in developing more application and reducing the average cost of transfer.

Market Size: According to the report, ‘Remittance Industry Analysis’ suggests that the remittance in many countries has gone up and in the coming years it will grow more significantly. Globally, significant growth is seen in the urbanization and there is tremendous increase in the urban population. Due to the transparency also the usage of blockchain is done majorly and can be easily accessed by the users. The rapid growth in the remittance industry is currently influencing the global GDP at a rate of 2.5% which is observed by the World Bank. Remittances from foreign workers made up a big chunk majorly of many Asian Nations’ GDPs. Additionally, the blockchain is the fastest-emerging technology and it is the key to a safe, cost-efficient, and fast money transfer channel that can support the needs of the Asia remittances industry.

Competition: Transfer of money can be done through bank to bank or with the help of independent agencies whereas, an independent agency includes PayPal, RIA, Western Union and others and banks include Bank of America, DBS Bank, Citi Bank and others. In addition, establishment of many new companies is done in the past recent year which includes Money Gram, Western Union and others which are resistant to adopt this new technology whereas willing companies will drive the market of remittances and providing much reliable, cheaper and faster money transfer using blockchain network. Moreover, remittances in Southeast Asia is a huge market, and many believe it’s ripe for innovation. Whereas, key player such as Coins.ph partners with banks and other financial institutions to make the remittances possible more significantly at a reasonable fee.

Conclusion: With the more development in the technology of blockchain in the remittance industry will result in the entire industry. Many key players are doing their job more efficiently and investing more in the industry which will lead to growth in the coming years over the decades and increase the knowledge related to blockchain also admire the growth of the remittance industry.

For more information, click on the link below:

https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html

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Ken Research

Ankur Gupta, Head Marketing & Communications

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Integration of Biometrics in Remittance Industry Market Outlook: Ken Research

Traditionally biometrics has been used for identification in government and law enforcement agencies. Biometrics is considered highly efficient and reliable due to the uniqueness this technology possesses. We can witness a simultaneous increase in both remittance and biometric industry and simultaneously their integration into one single technology has been phenomenal especially with the development of biometrics within smart cards and mobile devices that provide a more secure and convenient method of transferring monetary resources unlike orthodox means of PIN verification. There have been various forms of cross over’s between the remittance market and biometric industry. Some of the forms are fingerprint scanning, retina scanning, and facial recognition among the many with fingerprint scanning currently leading the market segment. Many companies are also investing in the voice recognition technology that could further expand the scope of this industry. Remittance Industry Analysis suggests that global biometric mobile remittance transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD 51.6 Billion in revenue terms with approximately 5.5 Billion devices in use.

The impact can be witnessed in the benefits that biometric technology offers in remittance market. Biometric transaction makes the payment more secure since no two people have the same fingerprint, voice or facial features. This feature of enhanced security can motivate people to use digital remittance transfer rather than physical transfer of money. Apart from security, the customers look for convenience associated with a particular transfer mode. In biometric technology there is no need to remember complex passwords or PINs, users require tapping their finger, smiling at the camera or saying a few words that automatically authorize the payment. Biometric technology in remittance industry also saves on time and money. Remittance Market Research Reports reveals that the biometric technology is easy to use, difficult to forge and cost effective since it reduces password administration costs or increases ROI in areas like fraud prevention or time and attendance.  There are various factors driving the growth of this industry. Massive capital behind FinTechs is causing innovation in areas especially authentication and security. Increasing demand by customers for newer better payment modes like mobiles, wearable’s, contactless devices has cultivated the need for integration of biometrics with these devices to make the process much more efficient.

ICICI bank, one of India’s largest private banks has launched voice based international remittance on its Money2India application. The bank has been able to integrate Apple’s voice assistance Siri with its payment mechanism allowing users to authenticate payments via voice recognition. Mobilis Networks Limited (New Zealand) had launched finger print authentication for international money transfer via mobile phones. Azimo is an online remittance transfer

Setup based in London which features biometric verification and in app chatbots to allow quick and easy transfer of money.

There are numerous companies working in this domain combining the growth potential of both biometric and remittance industry. Digital biometric remittances can help people everywhere make their lives easier by allowing them to do what they want with their money, more securely, efficiently and affordably. The growth of overall industry will only increase with even governments pushing payment mechanism to digital modes with special emphasis on biometrics in order to improve both convenience and accountability.

For more information, click on the link below:

https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html

Contact Us:

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204