DUBAI, UAE, Aug. 13, 2018 /CNW/ - Unequivocally 'The American Dream' has fed the imagination of millions of immigrants. The fact that America has been the top destination for international migrants since 1960 lends credibility to 'The American Dream'. As a logical consequence of international migration, the US has dominated the global remittance market with a 24% share of the global remittance volume (valued at $613 bn) and has ruled the roost as the largest sender of remittances. Interestingly, almost 1 out of every 4 remittance transactions originate from the US.
Channelling into remittance services are a lucrative option to expand customer footfall and generate better revenues for existing businesses in the United States. "Remittance as an industry is extremely flexible and accommodating, such that any business either a corner shop or a supermarket giant can leverage remittance services to expand their business portfolio, increase customer footfall and rake in greater profits. Demographically speaking America epitomizes a cauldron of people from diverse cultural backgrounds migrating to the continent since eons. Hence there are no two ways about the fact that the remittance market is always ripe for business" says Xpress Money COO Sudhesh Giriyan.
Latest global remittance flow reports showed that Mexico, China, India, Philippines and Vietnam were the top recipients of remittance from the US. For countries like Kyrgyzstan, Tajikistan, Haiti and Liberia remittances constitute a substantial part of their economies Gross Domestic Product (GDP). Remittances from the United States form the spine of Haiti's economy. Mexico thrives on the remittances that US based immigrants pump into the economy. It would be justified to state that remittances from the US wield significant power in the upkeep of many nations in the global economy.
America can be classified as the bedrock of the global remittance industry as it empowers the economic engine of many developing countries through its remittance outflow. The World Bank predicts the value of global remittances will grow by 3.4% to USD$ 616 billion in 2018. The above numbers and data reiterate how fertile the US market is to launch remittance services and expand customer outreach. For years exclusivity contracts have led to established players grabbing the lion's share in the global remittance market. However the advent of fintech and digitization has resulted in disruption being the accepted norm within the remittance industry. These trends and transitions are already redefining the rules of the remittance industry.
Established in 1999, Xpress Money is one of the most dependable money transfer brands in the world with a global presence in more than 165 countries across continents through 200,000 agent locations. Collaboration is the premise on which Xpress Money has built its business. Partnerships with leading money transfer organizations, renowned banking institutions, fintech companies, retail chains and online remittance players are integral to its network. Any business which has its eyes set on venturing into the remittance industry can leverage Xpress Money's Business Solutions to offer remittance services to their customers. The API is simple and flexible; it can be adopted and incorporated into existing software systems to kick-start the processing of remittance transactions. For further insight on how to expand your service portfolio to launch remittance services you can visit http://www.xpressmoney.com/business-solutions .
Businesses across varied sectors can rely on the US remittance industry as a dependable revenue channel. It is a known fact that "The American Dream" has been around forever and so has the need for migration so the business of remittance, which is a consequence of migration, is probably here to stay.
SOURCE Xpress Money