Technology- The Global Remittance Game Changer! The current century has witnessed technology as the major player in all aspect. The advancement in technology has led to changing the day to day working methods of people at every level. From a hard and tangible form where human used metallic coins or paper money, everything is upgrading to an intangible face with the help of technology naming “cryptocurrency� leading to a new era of currency. As previously when humans traded in barter system to coins and paper money, the time has now come to use digital currencies (cryptocurrency )for making trades. At the time when digital or crypto-currency is struggling to make its position in the global setting, the paper money is still maintaining its value on the human life. However, the means Money Transfer is tailored a bit considering the need of time.
In past when all the Money Transfer was done in the physical form, where it literally took weeks to transfer money from one point to another; technology has lessened the distance and time of making money transfer to and from any part of the world. The idea of online money transfer has grown and refurbished exponentially in the past few years. Here are a few prominent patterns in which the technology has changed the face of the global money transfer system in the past few years. The Pricing: Remittance industry holds a prominent position in the global setting. According to the World Bank, the industry is expected to increase to about $642 billion by the end of 2018. The flow of remittance has been improved in all regions of the world specifically the Philippines, China, Pakistan, India, Mexico, Egypt, and Nigeria. With the introduction of advanced technologies in these regions, there is more flow of business hence finances from different parts of the world, leading to the growth of the remittance industry in these areas. The Global Average:
Apart from the global average, the global weighted average is calculated that accounts for the relative size of flow in the remittance corridors. According to reports the global weighted average in the first quarter of 2018 was highly stable and was recorded at about 5.23 %. Information technology IT has played a significant role in transforming the day to day processing of work and personal life on this date. At the time when stocks are changing the situations in global markets, whether it be a commodity or market value of a company, the fast means of communications have supported brisk business processing in the world. With the quick responses, there is a demand for quicker money exchange & transfer for smooth handling of business. For the said reason, companies these days, as that of Paysay are working day and night to providing their customers with the end to end hassle free and uninterrupted money transfer to and from any part of the world. The remittance changes are comparatively lowering while the services are higher in quality ensuring that everyone can use the PaySay for business or personal money transfer needs. Smart Phones and WiFi: Paysay is one of those companies that are offering online money transfer services connecting the customers with the company via a user-friendly smartphone application. With the help of Paysay smartphone international money transfer app, the users can now make money transfer directly by using their cell phone anywhere anytime. These technological advancements are the reason why some of money transfer company in the world are making a good revenue for themselves by offering exceptionally professional services and facilities to the users all in economical rates. For those who are willing to take the best advantage of the technology and to make extra money for them, smart applications like that of PaySay is an excellent opportunity to take a new step.