Getting income from migrant workers is a major income source in developing countries that are burden with economic and political instability as well as high inflation. Substantial amount of workers in developing countries are living in other parts of the world and their families are depend heavily on the income that they get from their relatives who have migrated to work. As a result of that many ATM machines and banks have to be maintained which is a costly and time consuming method of money transferring.
Remittance is a term that is used for peer to peer transactions that are done by migrant workers to their relatives and friends living in their home country. Due to the many obstacles that occur in remittance through ATMs and banks, people started to explore a new way to make remittance. As a result of that remittance through block chain was invented that is becoming more popular as a way of making cross border remittances globally. This makes the remittance secure, quicker, transparent and inexpensive to a greater extent. Therefore this money transfer method is becoming more preferable and popular over the conventional method of money transferring methods.
The big change that PCCL is going to make, gives the opportunity for its clients to do remittance using this revolutionary block chain platform. This would be a great experience for our clients as it reduces the remittance fee by 50% and would be able to do the transaction quicker with many other advantages.
Secure accounts
The assets are free from fraud or theft as this platform is highly secured which cannot be tampered. Unlike bank accounts which have access to many people, block chain platform allows the access only for the account holder. Furthermore as it is a decentralized ledger, block chain users can view the transaction records but making alternations to data is impossible as the data being locked and has spread throughout the system.
Quicker
Digital platform through the block chain enables the transactions to be done efficiently that reduces the time consumptions on the remittance process to a greater extent as this wireless method does not requires any third party involvement , documentations or any other manual processing.
Reduced transaction cost
The people who use remittance on a regular basis know the burden that they have due to huge remittance fee from traditional remittance methods. As block chain enables to do the transactions digitally that makes instant settlements without any third party involvement, reduces the cost involved in the process hugely.
High transparency
Lack of transparency in the remittance transaction with disguised and unexplainable charges is a common problem in the traditional methods of remittance .Even though the middle parties charge exorbitant fees on the remittance, most of the time neither the sender nor the receiver aware of these charges and end up getting unexpected lesser amount. These hassels will be stopped in the future with the use of block chain as it enables to handle the transactions independently without being controlled by middle parties, even by the regulatory bodies. As the data are being recorded decentralized manner further ensure the transparency of the transactions.
Through this revolutionary remittance method with block chain which PCCL is going to offer as part of the big change, we enable our clients do their remittance efficiently and effectively on their own with many other advantages that would lead to uplift their lives.
Ref-
http://www.dw.com/en/blockchain-the-future-for-remittance-payments/a-42375862
https://www.brinknews.com/asia/how-blockchain-can-improve-remittances/
By Sayuri Willorage