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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