The remittance market is a growing one. With over 150 million people regularly sending remittances to relatives in their home countries, the business is on a roll and if trade forecasts are to be believed the number of immigrants worldwide is expected to increase to 280 million by 2050. The remittance in the last decade or so has shown a great demand driven dynamics. With the number of remitters swelling everyday, the consumers have been demanding better technology for themselves and given the kind of advancement one has got to see in the last decade or so, this is certainly no surprise.
A new Celent report, The Would be Disruptors: New technologies in the Remittance space has examined the application of technology that is going to make remittances all the more cost effective and convenient. The focus has been on the evolving technologies that are promising to make cross border remittance less expensive. The report states that the mobile account based solutions is where the future lies. It says the solution is a gateway to the formal financial sector and microcredit. It would be interesting to see how the current cash to cash model sustains itself in the midst of these new technolgies.
Tags: OFW, Remit2Home, Remittance
