Technology is the greatest boon that humans have ever invented. Technology, not being a static form, is dynamic that evolves along with the age and new inventions. It makes our world a more comfortable place to live. Almost all the fields and sectors in the world have their mechanisms run by one or the other digital intervention, the remittance industry is not an exception.
In earlier times, migrants settled in foreign countries and their family members in home countries waited long enough for the arrival of money orders and demand drafts. With the introduction of technology into the remittance industry, customers can do online money transfers at convenient hours.
Internet, being a luxury in the earlier days, has now become a necessity that humans cannot live without. At first, net banking and other online money transaction services employed by financial institutions have allowed customers to send money online through their respective websites. The internet had a beautiful evolution from the public internet available at internet cafes to the personal Wi-Fi at home to mobile data on phones.
When the internet made an entry to mobile phones, every sector realized the potential and power of this latest trend and decided to design mobile applications for money transactions. It gave rise to the global phenomenon of Mobile Banking! Just as how the social media apps bring families close together to talk and message each other, mobile banking closely ties families for money needs. Now people can easily send money from anywhere at any time according to their convenience and ease. The sender and receiver of money transactions are separated at the distance of a push notification. Senders can also track the money sent on the go.
The remittance industry is always rising up to modern trends and will continue to adapt to any of the future technological advancements yet to be born. Technology has become the saviour at this time of the Covid-19 pandemic, it enabled international money transfer to go uninterrupted across nations.