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International money transfer industry had a boost with the modification of globalisation and immigration policies of different countries. People migrating overseas seeking job opportunities, in turn, upheaved the economy of developing countries. International remittance and Foreign Direct Investment (FID) have become two major sources of money in developing countries. <br>
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Howistechnology remodelling internationalmoney transfers?
International money transfer industry had a boost with the modification of globalisation and immigration policies of different countries. People migrating overseas seeking job opportunities, in turn, upheaved the economy of developing countries. International remittance and Foreign Direct Investment (FID) have become two major sources of money in developing countries.
If money orders and demand drafts were the cornerstones of international money transfers in earlier days, the arrival of technological advancements remodelled the front-face of the remittance industry. Here is how:
Net Banking and Online Remittance Money Transfers By the arrival of the internet, almost all banks and money transfer agencies leapt into digital ways of facilitating online money transfers. One can always make transactions through user logins in agency websites and bank sites.
Mobile Banking It wasn’t long before the internet had paved its way into mobile devices, bringing people close together. Remittance industry immediately saw the potential of mobile banking and incorporated the technology to engage with their customers.
Digitalization of money transfers gained immediate popularity and acceptance as remitters were extremely satisfied with this quick and easy way of money transfer online compared to the long and inconvenient traditional way. The remittance industry is always rising up to modern trends and will continue to adapt to future technological advancements that are yet to be born.
