Jaipriya K S,
Content Writer, siliconindia

As a largest recipient of remittances in the world, India continues to play a crucial role in the international flow of funds by migrants. This is mainly due to the vigorous innovations in the digital technologies such as online platforms, mobile applications and fintech revolutions presenting the users more quick, easy and affordable options. As they allow convenience and speed, there has been a developing adoption of mobile payments and digital channels for remittances across the world.

In the area of evolving remittance corridors, startups in India are redefining the way of how money is moved over the borders. Here’s an informative outlook on the role of startups in India shaping the landscape of remittance.

Underscoring the Challenges of Cost & Speed in Remittance Sector

The major pain point in the landscape of international remittance services are slow processing times and high fees for transactions. The traditional remittance services such as money operators and banks regularly charge extensive fees, mainly for smaller transactions. In order to bridge this gap, Startups in India have spotted the issue and providing fast and cost-effective solutions. They leverage APIs to enable real-time integration and processing with financial systems that allows the user to get instant visibility into the rates of foreign exchange and transaction statuses. Also they incorporate AI to aid in fraud detection and risk mitigation that ensures faster and safer transactions.