The present scenario and development in the technology represent the significant growth in the coming years. Moreover, the transferring of money from one country to another country by a foreign worker is known as remittances. Whereas, in the ancient era, the remittance was much difficult as the doing remittance the person have to stand in a line for a long time at the financial institutions but in the modern trend, technology is transforming the industry of remittance. The North American Companies are showing their efforts for developing the technology which is less time consuming and required little expense rather than the traditional way of doing remittance. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that the major portion of the population is presently depending in this money directly and the introduction of blockchain technology in the North American remittance industry has become more attractive and outflow of remittance has become more effective and less expensive as the blockchain eliminate the presence of middle man which automatically reduces the cost.
Remittances were expensive before the introduction of blockchain technology in the North America region as the senders had to pay both foreign exchange and transaction fee. The North America sustainable development goal refers to reducing remittance costs as a key development objective. Moreover, in this region the blockchain holds great capacity for enhancing payment systems, but for the moment that capacity remains largely unrealized. The technology of blockchain provided guaranteed, real time transactions across borders, minimizing the risk of loss due to currency variation. In the coming years, the technology of blockchain will exert far reaching influence on the North American remittance market and will occupy for more share in the following years. According to the report analysis, ‘The Market Research Reports for Remittance’ states that North America, especially The United States, is playing a significant role which cannot be neglect. Not only has this, GDP of under developed countries is also affected by the remittances received and results to the significant economic growth. Moreover, the leading players of North America are playing significant role in the remittance industry and the market is becoming more advanced with the more development and innovations in the applications of the blockchain technology. The government of North America is also using the blockchain technology with the increasing concern of fraud, terrorists, criminals and others to transfer their money around the globe.
In the recent trend, the digitalization and urban population is growing rapidly by time which highly make the use of mobile phones as the major opportunity which will enlarge the way of transferring money by the foreign worker. In addition, the companies of North America are also adopting the new techniques and serves cheaper, reliable and faster money transfer with the use of blockchain network. With the further development in the applications of the blockchain technology the market of North American remittance will become more attractive which will attract new investors to support the market more significantly and provide more opportunities for both the new investors and consumers which will make the market more competitive. Therefore, in the coming years it is expected that with the significant development in the applications of the blockchain with the new techniques the North American Remittance market will grow more effectively over the decades.
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Ankur Gupta, Head Marketing & Communications