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Payment Solutions (Remittances) - Coggle Diagram
Payment Solutions (Remittances)
Major problem before Fintech
Immigrants
commonly known as money or goods sent by migrants back to family or friends in their origin countries. The
primary beneficiaries
of these remittances are usually developing or low and middle-income countries. Remittances provide them with financial security and access to basic needs like education, healthcare, and housing.
e.g. Western Union (WU)
Disappearing Cash
money transfer operators (MTOs)-
convert & transfer the money
are expensive and they come with a lot of hidden charges
MTO
e.g. Money Gram
Insta Rem (Instant Remittance)
a fintech solution that allows individuals, businesses, or migrants to send money across borders at a fraction of the cost 极低的成本 with no hidden fees or charges. It offers rates at much more competitive charges 它提供的费率更有竞争力
Characteristics of InstaRem
Low Cost
-as little as 0.5 percent of the transaction amount -low rates because bypass the entire chain process of banks
Transparent
-Offer the mid-point of the buy and sell rate of a foreign currency
-pay banks a
nominal standing fee
(any type of small charge or fee) and save individuals from having to pay fees at each step of the process
Instant
-transfer made within a shorter period of time
-platforms enabling multi-currency payments across the world for businesses
Advantages on Remittances through Fintech
Technology offers the promised of
reduced fees
placing
more funds
into the hands of remitters' intended targets
A new way for banks to give back to the community and a
humanitarian outreach
(having concern for or helping to improve the welfare and happiness of people)
made possible by smartphone technology
Globally connected
the world