In a recently distributed newsletter,
IFAN Financial provided a comprehensive guide to international remittances,
which is the transfer of money from a migrant worker to an individual in his or
her home country.
According to a joint study by the Swiss
Agency for Development and Cooperation and the World Bank Group, nearly a
billion people (approximately 14.2 percent of the global population) have
migrated either domestically or internationally in search of career opportunity
and the chance for improved living conditions. Effectively, this has driven the
demand for high levels of remittances, particularly in the modern, digital age.
Since 2000, the number of remittance flows to developing countries has more
than quadrupled, with 2014 seeing an estimated $582 billion of payments sent
into these growing markets.
Capitalizing on their necessity, sending
remittances can be a costly endeavor. With fees traditionally running as high
as 12 percent of the amount sent, the market for new, less costly methods of
sending money is at an all-time high. If two individuals have access to the
right technological innovations, the company estimates that fees can be reduced
to as little as 3.4 percent on average, presenting consumers with an
opportunity for significant savings, but the technological limitations of
developing markets are slowing adoption rates of these cost-effective
alternatives. As payment companies continue to step forward with more options
for senders on how their money is delivered, industry experts are forecasting
significant changes for the global remittance market in the decade to come.
IFAN, through its comprehensive
portfolio of mobile payment and remittance solutions, is continuing to explore
opportunities to meet growing demands for convenience, speed and security
within the global mobile commerce market. As the company’s products continue to
evolve to meet the needs of the industry over the next few years, IFAN is in a
strong position to provide unprecedented levels of convenience and security at
lower costs.
To learn more about the global
remittance market, as well as the Consumer Financial Protection Bureau’s
regulations, which are currently in place to protect consumers, read IFAN’s
newsletter at the following link:
http://ifanfinancial.com/newsletters/15-04-17/.
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