If you live in a major city, there’s a good chance that you are starting to see cash use as a thing of the past. The rise of card and mobile wallet-based payments, as well as the rejection of cash during the pandemic, has increasingly seen digital payments take the lead in numerous parts of the world; many people now go weeks or months without handling cash at all. However, in the world of consumer remittances, the digital payments story is quite different.
For customers sending remittances to friends and family around the world, the range of options is significant for many corridors – the term used to describe the pair of countries a payment is initiated between. Using a variety of app and web-based services, as well as traditional outlets such as retail stores, customers can now pay money directly into a recipient’s bank account; their preferred mobile wallet; or even their card, using just the 16-digit number. They have similarly broad options to initiate payments, and in many cases it will be delivered near-instantly or within a few hours.
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