India Receives $80 Billion in Remittance, Big Potential for Crypto?35.36

The World Bank in its latest report revealed that India has received the largest amount in remittance in 2o18 with $80 billion being sent from abroad. At the same time, users paid $4 billion in cuts to payment services.

Remittance in its current format has one-too-many checkpoints. If a person wants to send money from, say, New York to New Delhi, his funds are going through several intermediaries within the payment corridor. There is a local bank that would first send the funds to a banking partner in London. There the payment would wait for confirmation for a few days before making its way to the, say, Dubai, where the partner bank of the New Delhi bank is located. Add a few more days before the funds get confirmed and sent to the destined New Delhi bank account.

Original source
https://www.newsbtc.com/2018/12/09/india-receives-80-billion-in-remittance-big-potential-for-crypto/

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