How did FinTech transformed international remittance?

 For many families that live in the developing countries, the money sent by their migrant relatives is nothing less than a lifeline. One in every nine people globally sustains on these funds sent by the migrant workers. On a larger scale, international remittance has become a prime contributor in the GDP of many Low and Middle Income Countries (LMICs).


Only in 2018, more than 200 million migrant workers sent over $689 billion to their respective countries. Out of the total amount, $529 billion went to developing countries.

The amount sent by the migrants constitutes only 15% of their total earnings. However, the interesting point to note is that the small proportion of migrant’s earnings makes up to almost 60% of his family’s household income.


Comments

Post a Comment

Popular posts from this blog

Security features of an eKYC solution that can streamline identity verifications

  As digitization is transforming the world at a faster pace, the security features of eKYC solution is streamlining the identity verification process. However, with increasing digitization, fraud risks are also piling up. But kudos to the eKYC solutions that help your business verify customers online regardless of the time and location. Without any human intervention, the process is performed automatically in alignment with the compliance regulations. eKYC helps you in onboarding customers easily and quickly. Certain security features support your business in making the customer onboarding process trouble-free. In this article, you'll witness robust eKYC security features that help prevent fraud using various techniques. These advanced features using cutting-edge technologies benefit your business by reducing human errors and ultimately contributing to providing top-notch security to your customers. So let's start to know more about these in detail. Face Matching Face sca...
Read more

Future opportunities and trends in cross border payments to boost financial inclusion

Nowadays, cross-border payments are getting a lot of attention, with multiple fintech companies entering this competitive market. Moreover, the rapidly changing technology and financial landscape has made it challenging for businesses to move or transfer money across borders efficiently, quickly, and securely. Thus, your business has to evolve to the latest opportunities and trends in cross-border payments to boost financial inclusion. Wth the arrival of new and innovative digital payment solutions , the future of cross-border payments looks promising. Plus it boosts financial inclusion at its core.  According to a study, B2B cross-border payments are estimated to grow by USD 42.7 trillion by 2026. There are several reasons for this development, which we'll explore in this guide. Let's Go! Trends in cross-border payments to boost financial inclusion Emerging cross-border FinTech solutions Partnerships between mobile operators and fintech innovators allow your business to have ...
Read more

Which businesses should prefer a wallet as a service for their business?

  Having a robust online presence in the transformative digital world is quite an impactful factor in the success of small-scale businesses. Nevertheless, the challenges in digital wallet development can make you restless and time-consuming.  And having to decide between a digital wallet solution vs wallet as a service can only be more confusing. So, save your time, here’s the truth. For small businesses wallet as a service works the best.  Wallet as a Service offers small-scale businesses and other types of businesses a one-stop solution for creating and maintaining their online websites. In this article, you'll get to know what type of businesses should prefer wallets as a service to accept digital payments.  Let's have a look at which businesses should prefer a wallet as a service for their system. Startups or Smaller Organizations  Businesses looking to enter the digital payment world and trying to get an MVP wallet with immediate effect with a restricted b...
Read more