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March 18, 2016

Money Goes Around The World in New Ways

Posted by Gururaj Deshpande (View Profile | View All Posts) at 10:54 AM



Biometrics for Convenient yet Secure Payments [Source: https://www.youtube.com/watch?v=obggR1jlw-4]

The lyrics to that old song are true: 'Money makes the world go round'. But did you ever wonder how in the era of digital devices and (potential) payments how money gets around the world? If you want a sense of just how important instant money transfers are to the economic health of the planet, head down to any remittance storefront in a Gulf country like the U.A.E. or Qatar. In those countries, where millions of people from North America, Western Europe, and South Asia, go to find jobs, an important part of the process is sending some of that hard earned cash back home. There, money transfer agents skim a healthy commission off the top of the transaction to ensure that people thousands of miles away will receive the cash in a matter of minutes.

The remittance business in countries that host a significant percentage of foreign workers has been a staple for decades. Even with the global economy stalled and with oil prices plummeting, economists at the World Bank estimate that next year the global remittance business will grow by a respectable 4 percent. But disruption can come along and affect even the most simple of businesses - which is exactly what's happening to the remittance industry.

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