15 Jun 2023
With more than 32 million people living in foreign countries, India not only tops the chart in having the largest diaspora population worldwide, but it also ranks on top of the list of the largest remittance recipient countries receiving $110+ billion in 2022. Besides Indian students studying abroad or people permanently living abroad, most expats work and earn to send money to India from overseas as a primary source of financial support. Many companies from all over the world use modern digital technology enabling customers to send money to any place.
Digital technology has entirely changed the remittance industry landscape by streamlining the entire money-sending process through fast, secure, economical, and lawful methods. Let’s glance at how the implementation of new technologies directly benefits Indian expats while simultaneously adding to the country’s foreign reserves.
We're on a roller coaster ride, aren't we? A technological one! Living in the 21st century, everything around us is morphing at the speed of light, including the financial sector. One area of notable innovation is remittance processing to India. What used to be a complex, time-consuming process is now becoming increasingly streamlined, thanks to new technologies. But what's the secret sauce? Let's find out!
Remittance - a term you might have heard but may not fully grasp. Simply put, it's the transfer of money by foreign workers to their home countries. India, with its vast diaspora, is the world's leading receiver of remittances.
Now, imagine this. It's the end of the month, and you're an Indian professional residing in the UK, Europe, Australia, Canada, or Switzerland, intending to send a part of your earnings back home. It's a scenario played out millions of times each month. But how do you ensure your hard-earned money reaches your loved ones safely and swiftly? This is where the beauty of technological evolution kicks in!
Traditional remittance methods, like bank transfers or money orders, often prove to be quite the headache. They're time-consuming, with transfers sometimes taking up to five business days. High transfer fees further gnaw at your funds. Additionally, the procedures can be labyrinthine, leaving users lost and frustrated. Wouldn't it be nice if you could flip a switch and make all these issues vanish? Yes, you instantly do it when you send money to India online using a trusted remittance provider like ACE Money Transfer.
The financial landscape has dramatically changed with the advent of the digital revolution. The once sluggish remittance processing is now getting a much-needed makeover, with new technologies leading the way towards faster and more efficient methods. Like a superhero swooping in to save the day, these technologies are here to simplify your life.
Digital platforms have sprung up to address the pain points of remittance processing. Let's explore some of these new-age heroes!
Ever heard of Bitcoin? Then you've heard of blockchain, the technology underlying cryptocurrencies. With its decentralised, transparent, and secure nature, blockchain provides a solution for faster, cheaper international money transfers. It is the knight in shining armour, eliminating intermediaries, reducing transfer times, and offering lower fees.
Mobile wallets and apps like Google Pay, PayPal, and Paytm offer quick and easy transfers at your fingertips. Just a few taps on your phone, and voila! Your money is on its way home!
Some banks have started offering instant international transfers using advanced technology. These services provide the security of traditional banks with the convenience and speed of digital platforms.
Nothing tells a story better than real-life examples. Here is a couple that demonstrates how technology is revolutionising remittance.
Google Pay, a mobile wallet, has expanded its services to India, allowing users to send money home instantly. It’s user-base continues to grow, with a fascinating number of more than 150 million customers worldwide. It's as easy as sending a text message, as you can make a digital money transfer to India with merely a few taps on your mobile screen.
ACE Money Transfer is one of the most trusted digital remittance providers enabling customers to send money from 28 countries across the UK, Europe, Canada, and Australia, to more than 100 countries worldwide. It offers a user-friendly mobile app and interactive website portal through which customers can instantly send money home 24/7 using their mobile, laptop, or PC.
In addition to the satisfaction of seeing your money reach home faster, these technologies offer numerous benefits.
Forget about the tortoise pace of traditional methods. These technologies are the hares, delivering your funds in a fraction of the time.
Who doesn't like to save money? With lower transaction fees, more of your earnings get to their intended recipients.
No need to visit a bank or fill out tedious forms. Just pick up your phone, and you're good to go. Isn't it wonderful when things are just easy?
Looking into the crystal ball, the future of remittance to India appears vibrant. With the continuous development of innovative technologies, the process of sending money home will only become faster, cheaper, and more convenient. As they say, the best is yet to come!
The remittance landscape in India is undergoing a significant transformation. Thanks to the implementation of new technologies, what used to be a cumbersome and slow process is turning into a seamless, efficient experience. You can instantly make an online money transfer to India via ACE’s mobile app or website without worrying for weekends, bank holidays, or other vacations. It's a bright new day for millions sending money home to India. So, fasten your seatbelts because this ride is only going to get more exciting!
What is a remittance?
Remittance refers to the money that foreign workers send back to their home countries.
What challenges are associated with traditional remittance processing?
Traditional remittance methods are often time-consuming, have high fees, and involve complex procedures.
How is technology changing remittance processing?
Technologies such as blockchain, mobile wallets, and instant bank transfers are making remittance processing faster, cheaper, and more convenient.
What are some examples of these technologies?
Blockchain, Google Pay (mobile wallet), ACE Money Transfer (digital remittance provider), and instant bank transfers by some banks are examples of these technologies.
What are the benefits of these new technologies?
They offer increased speed, lower costs, and greater convenience compared to traditional methods.