India is developing nation by the time with the more development in the technologies of remittance. In the last years, according to annual remittance data through The World Bank, India has the highest remittance recipient across the globe followed by China. Unsurprisingly, in India many new Fintech companies are startup with the new technology which is likely to change the traditional way of doing remittance across the globe. Since India is the largest receiver of remittance, any upgradation in the technology of cross border payments is likely to have a positive impact. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that technology of blockchain is playing vital role in the remittance from non-resident Indians (NRIs) as the major portion of Indian population is directly depend on the remittances to pay for things which includes rent, food and several other necessities. The government is also serious related to the development in India’s economy and enabling prosperity to all its citizens, it needs to settles the problems related to remittance. Hence, it can be done by the adaptation of blockchain technology which is very much helpful as it reduces cost and less time consuming process.
If we talk about the traditional way of doing remittance, it was too much time consuming process and expensive process whereas, sometimes due to error the payment lead to failure. The cross border payment can take three to five days to arrive and often go missing in the ancient times. Meanwhile, the longer a foreign worker’s money is pinned up in the process of remittance, the more exposed their payment is to volatile the market of forex. In the constitution law of India everyone is having the right to know when their payment will arrive at its destinations, at what cost and at what exchange rate whereas, which is done by the blockchain technology. This technology make international remittance more effective, easy and real time process. According to the report analysis, ‘Market Research Reports for Remittance’ states that in the cross border payment, the blockchain technology is playing wide role as it totally abolish the traditional way of doing remittance and removes the need for related banking which include middle man by enabling the interaction to a sender bank with a recipient bank when initiating a payment. However unsurprisingly, the blockchain technology is just a game changer for India.
The Indian Companies of technology are doing so many significant alteration for the development in the specification of blockchain technology. Indian government is also doing effective functioning for establishing the new technologies and new innovations in the existing functions of this technology as the remittance from another country effect the GDP of India and this development is very much helpful in attaining the highest share across the globe in the remittance industry. The key players are doing significant working for minimizing the efforts and results in effective cross border payments. Therefore, in the coming years the Indian remittance industry will grow more significantly over the decades with the more development in the economy and blockchain technology.
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Ankur Gupta, Head Marketing & Communications