The global digital remittance market is boosting as annually several people send remittances valued thousands of billions of dollars to friends, family, or business associates overseas. The global digital remittance market has exhibited steady growth in the last few years, due to the surge in digitization and automation. The digital remittance is one of the prevailing monitory solutions, which is responsible for constructive development on the regional and global economy. A plentiful number of economic conditions are handled through banking that provides identity, literacy solutions, and connectivity. These are mostly advanced by private and public sectors with the help of cooperation and support with administrative bodies. The existing refugee crisis is creating an ideal growth factor in the global digital remittance market.
The players in the market have a retail network with which customers can collect or send the remitted amount. Nevertheless, the last two decades have witnessed the penetration of digital remittance operators. These operators possess a severe challenge to conventional cash-in-hand providers owing to ease of usability and decreased user fees. They provide a digital transfer network that consists of an easy-to-use mobile application and remove the need for tiresome form-filling processes, codes, and agents. The expansion of the digital remittance market is stimulated by augmenting automation & digitization, decreased remittance cost & transfer time, and development in the adoption of financial & banking services. Additionally, the regulatory projects that promote all financial bodies to become more transparent and foster richer networks of data & partners complement the market growth.
Nevertheless, the lack of guidance & awareness is a key aspect that limits people from selecting digital remittance transfer mode. The increase in access to financial services like basic bank accounts amongst remittance beneficiaries and growth in internet usage present growth prospects for the market. The global digital remittance market is also developed by increased smartphone penetration, surging number of digital-savvy consumers selecting remittances, and the mounting number of economic migrants migrating from emerging economies to developed countries in the search of better opportunities are also likely to contribute to the development of the market.
The digital remittance is anticipated to emerge as service providers continue to increase the coverage of their internet networks and numerous people, mainly in the emerging economies, get access to financial and banking services. Nevertheless, the lack of proper guidance and awareness are projected to restrain the market growth.
Many key players are contributing to the growth with product development, mergers and acquisitions. On a similar note recently, Ripple announced to launch DevRel—a developer relationship platform. Ripple’s investment arm and developer platform, Xpring declared the launch of a community page and forum. During the announcement, Xpring revealed that the project is intended to improve the growing relationship with the developer community globally. As per the announcement, DevRel will operate as Xpring’s “eyes and ears.” Ripple executed this plan as 80% of its staff are developers. DevRel will focus on enhancing the relationship and reinforcing the association with its developers in three key areas: events, content, and support. Xpring said, “We focus on creating the content that makes it simpler for developers to access digital assets and blockchain technology through sample code, technical documentation, tutorials, video demos, and also written posts on our blog and latest forum.” DevRel will also be a project that will have a greater presence of Xpring in international events such as conferences, hackathons, and developer meetings. Warren Paul Anderson—Ripple’s Senior Product Manager—stated that DevRel will engage the global developer community. We provide technical support through devoted associate engineers and channels for helping developers in real-time with all their payment needs.
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