While you reside outside your home country, all you want is, to be available for family in case of emergencies. Over the years, the remittance industry has seen sea changes. This industry has evolved so much that it has now started to affect the economy of the nations. With the increased number of migrants in sub-Saharan Africa since 2010, inward remittances in the countries have significantly increased.
This has left an enormous impact on technology, as well. Even the age-old financial institutions have taken a shift towards making their systems of remittance and cross-border transfers online. Financial institutions play an essential role in the remittance industry.
With the rampant growth of mobilization, the complexity of the remittance process demands simplifications and ease for people thriving overseas. Therefore, financial institutions have harnessed the latest technology in order to provide better services to the migrants.
Remittance means sending money to friends and family sitting overseas. The remittance can be done for various reasons: paying bills, paying loan amount, fees, investments and the like. With remittance being the most substantial part of the foreign exchange in recent years, the system is not as developed as it should be.
Remitting money overseas simply calls for people to keep standing in lines for a small amount of transfer loaded with extra costs and standard exchange rates. For this, people will have to wait for days for the transfer to be completed. At this point in time, with advancing technology, all people need is, a competitive exchange rate and a secured and instant system for sending money overseas.
Remittance sector tend to make changes due to the following aspects
- Customer demands – The rising incomes and rapid urbanization are vital factors in the growth of remittance. The easy remittance options are demanded by most of the people with the increase in the immigrants.
- Collaborations and modern technologies – Financial institutions have to collaborate and utilize modern technologies to not only reduce the hassle of remittances for the customers, but also the financial system itself. The partnership with international organizations will ease the process of cross-border payments.
- Safe and secure compliance – The technological impact on remittance is brought by a lot of efforts and compliance. Providing safe and secure payments is the first and foremost responsibility of banks and international organizations.
Online Money Transfer – The budding remittance industry trend
While the internet has set the world free from borders and has helped us connect overseas, cross-border online money transfers have helped us stay closer to the families while they live thousands of miles apart. Finance technology is the future of remittance industry, making funds available at just a swipe or a few clicks.
EziPay is your respite for remitting money back to your home country. Join EziPay, an easy, instant and cheap method of transferring money. Sending money through EziPay is the way out of the complexities that you face while making bank transfers overseas.
For banks and international organizations to stay updated with the technology and help with the cross-border remittance, they need to comply with a secure system of transactions. Mobile devices are the main reason behind the technological impact on remittance, which calls for a mobile money transfer system. Remittance industry trends are ever-evolving, and EziPay is keen to take on any technical challenges to make your lives easy, by securing your payments and delivering your money to the people back home at the lowest possible charges.