The Europe remittance industry is rising with the increase in the demand of digital transactions as this will improve the efficiency and have an even impact on the cross border payments. In the ancient time, the cross border payment lead to high cost and time consuming process but with the more development in the economy or technologies doing remittance is become more effective as now it result less expense and less time consuming process. Doubtlessly, major portion an economy is directly depend on this money and the remittance has also a positive impact on the GDP. According to the report analysis, ‘The Remittance Industry Research Report’ states that the key players of Europe remittance industry are doing more research and development in the technology of digital transaction which provide high customer satisfaction. With the effective functioning of key players the market is become more competitive and attractive which easily attract the view and investors.
The significant development in the technology, eliminate the traditional way of doing remittance and make an easy way which reduce waiting in line for various hours. The technology of remittance has been changing the processes in the cross border payments and with this technological advancement the Europe remittance market have an effective growth with the additional innovations in the technology. Moreover, in the recent trend the urbanization and usage of mobile phones is increasing which leads to more opportunities and enhance the way of transferring the money from one country to another country. Not only in the developed country, the developing countries are also done the prominent usage of smart phones and which is uncontrollable. The significant usage of mobile phones and other smart products lead to effective growth to the digital transaction technology across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that the number of mobile phones users are gaining worldwide and will exceed 2.0 billion in the near future and make the Europe remittance market more successful. Moreover, with the extensive usage of smart phones the consumption of internet technology is also rising significantly in the recent trend which rigorously less efforts associated while sending money and also lead to reduction in cost of doing cross border transactions. Therefore, the technology of smart phones and internet, anyone can easily transfer the money from one economy to another very quickly and easily. Moreover, in Europe technology of digital remittance can enable the people everywhere by allowing them to what they wanted to do with their respective money.
With the internet technology, the rise of digital remittance industry is operate by rise in digitalization, reduced remittance cost and gaining in adoption of financial facilities. In the Europe region many of the key players are serving the latest technologies at a reasonable cost and the integration is the key to development and enhancement in the technologies and expected that Europe remittance industry will grow more effectively with more innovations. The Europe remittance industry is consolidated and concentrated with the few key players and moreover, it is also fragmented with smaller players which are making the market more competitive. Therefore, in the near future it is expected that the Europe remittance market will grow more significantly over the decades.
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Ankur Gupta, Head Marketing & Communications