Page 10 - Linkpin 2024-25
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2. Cutting Costs: Zero Fees and Better Enhanced verification methods and AI-driven
5. Stronger Regulations for Safer Transfers
Exchange Rates monitoring ensure that money laundering and fraud
With all these technological advances,
regulators in the USA and India have stepped up
One of the biggest headaches with risks are kept in check. Schemes like India’s
their game to keep transactions secure and compliant.
remittances has always been the hidden costs— Liberalised Remittance Scheme (LRS) also give
Enhanced verification methods and AI-driven
transaction fees and poor exchange rates that eat into individuals more freedom to send larger amounts
monitoring ensure that money laundering and fraud
the amount sent. But the tide is turning. Many abroad, supporting students, travellers, and
risks are kept in check. Schemes like India’s
providers now offer zero-fee transfers for specific businesses alike. This alignment of regulation and
transactions, particularly larger sums, and compete innovation helps create a remittance system that is
Liberalised Remittance Scheme (LRS) also give
fiercely with competitive exchange rates. This individuals more freedom to
both efficient and trustworthy. send larger amounts
means more of your hard-earned money reaches abroad, supporting students, travellers, and
your loved ones. Moreover, many platforms sweeten businesses alike. This alignment of regulation and
the deal with special offers—think bonus rates for innovation helps create a remittance system that is
new users or loyalty perks—making it a win-win for Recurring Transfers: A Boon for
both efficient and trustworthy.
everyone involved. Businesses
6. Recurring Transfers: A Boon for
For companies operating across borders,
3. The Digital Revolution: User-Friendly Businesses
managing frequent payments—like salaries or
Platforms and AI vendor bills—used to be a juggling act. Now, many
For companies operating across borders,
managing frequent payments—like salaries or
Remember the days when sending money remittance services offer automated recurring
meant standing in long queues at banks or remittance transfers, allowing businesses to set up scheduled
vendor bills—used to be a juggling act. Now, many
remittance services offer automated recurring
centres? Those days are long gone. Today’s payments that happen effortlessly and on time. This
remittance platforms are sleek, digital-first is a major relief for Indian firms working with US
transfers, allowing businesses to set up scheduled
payments that happen effortlessly and on time. This
experiences accessible via mobile apps or websites, clients or employing remote staff overseas, helping
allowing transfers with just a few taps. Behind the them manage finances smoothly without worrying
is a major relief for Indian firms working with US
scenes, artificial intelligence smooths the process— about currency fluctuations or missed deadlines.
clients or employing remote staff overseas, helping
AI chatbots provide instant support around the clock, them manage finances smoothly without worrying
automated KYC procedures speed up identity about currency fluctuations or missed deadlines.
verification, and fraud detection systems keep your
7. Looking Ahead
money safe. This blend of convenience and security Looking Ahead
The future of international remittances looks
has helped build trust and confidence among users The future of international remittances looks
brighter than ever. As AI, blockchain, and regulatory
worldwide. brighter than ever. As AI, blockchain, and regulatory
cooperation continue to evolve, we can expect even
cooperation continue to evolve, we can expect even
4. Blockchain and Cryptocurrencies: The more seamless, secure, and cost-effective cross-
more seamless, secure, and cost-effective cross-
border
biometric
solutions.Imagine
payment
Next Frontier border payment solutions.Imagine biometric
authentication making transactions as easy and safe
Blockchain technology is making waves in authentication making transactions as easy and safe
as unlocking your phone, or instant UPI integration
the remittance world by cutting out unnecessary as unlocking your phone, or instant UPI integration
between countries. Perhaps cryptocurrencies will
intermediaries, which lowers costs and quickens between countries. Perhaps cryptocurrencies will
become a mainstream option for everyday
transaction times. Some fintech innovators and become a mainstream option for everyday
remittances. Whatever comes next, the goal is clear:
traditional banks are even experimenting with remittances. Whatever comes next, the goal is clear:
to make sending money abroad as simple as sending
stablecoins and digital currencies to enable near- to make sending money abroad as simple as sending
a text message, with peace of mind.
instant cross-border payments. While regulatory a text message, with peace of mind.
hurdles remain, especially concerning
In this fast-changing landscape, staying informed
cryptocurrencies, the promise is huge: faster, In this fast-changing landscape, staying informed
about the latest remittance innovations is key for
cheaper, and more transparent remittances that could about the latest remittance innovations is key for
individuals and businesses alike. Thanks to these
especially benefit those without easy access to individuals and businesses alike. Thanks to these
breakthroughs, sending money from the USA to
traditional banking. breakthroughs, sending money from the USA to
India has never been easier or more promising.
India has never been easier or more promising.
Stronger Regulations for Safer Transfers
With all these technological advances,
regulators in the USA and India have stepped up
their game to keep transactions secure and compliant.
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