People queuing at money exchange houses to fill in remittance forms could soon be a thing of the past. More people are using mobile phones to send money home — resulting in instant transfers
There is a silent revolution happening in the money transfer business. From over-the-counter and demand draft, it is moving towards mobile phones.
The global remittance and payment business is undergoing a fundamental shift — from cash, demand draft and pay-orders of the past to telex transfers, wire transfers and instant cash in the present to mobile-to-mobile payment in the future.
Remittance is a $350 billion (Dh1.28 trillion) annual business worldwide, of which approximately $60-$65 billion flows across the Middle East and North Africa. Most of these are channelled through the traditional systems — something that is changing.