The future of remittance is Fintech
Remittances are an emotional issue for over 230 million migrants across the globe, as they promise better education, better healthcare and better lifestyles for millions of families in developing nations. Despite their significance, remittances are not very efficient today due to unfair & opaque transfer fees, expensive physical agent networks and legacy infrastructure. In fact, as much as 90% of the more than US$ 600 billion of annual global remittances are still effected via inefficient and expensive traditional methods.
While fintech firms have been radically transforming the way financial services are delivered globally both for individuals and businesses, we have barely scratched the surface when it comes to international money transfers. Fintech offers a great alternative to individuals and businesses for making quick and efficient international payments. With rising penetration of internet-enabled “smart” devices, digital remittances effected via Fintech are all set to become the norm for both individuals and corporates in the foreseeable future.