Transactions over Cross-Borders: Roaring Role of Startups in Arena of Remittance

Innovative Use of Blockchain Technology

In order to enhance the security and transparency of cross-border transactions, the technology of block chain has become a vital tool among Indian startups. They enable users to transact payment in a safe and secured way by providing remittance services and digital wallets. With the help of block chain technology, startups ensures that the transactions are faster as well as transparent with no risks of errors and frauds. The ability of block chain to offer traceable transactions in real-time make sure that the money reach their proposed recipients quickly.

Fostering Financial inclusion

The most crucial role Indian startups are playing in remittance corridors is upholding financial inclusion. Millions of people in underserved and rural areas in India rely on remittances for their revenue source who are unbanked. So startups are underscoring this issue by offering them a digital payment services and facilitating cash-out services for remittance recipients without any formal bank accounts. They collaborate with domestic agents, micro ATMs and mobile wallet providers to make the financial services to reach-out the remote areas thereby permitting the recipients to access their transactions securely. Through minimizing the reliance on conventional banks, Indian startups are democratizing the financial solutions and making the recipients of remittance in the formal financial system.

Targeting specific markets

Within the huge remittance space, startups in India are targeting specific markets. For instance, they focus on specific corridors such as India-US routes and India-Middle East routes that account for a greater amount of total remittances for India. Through modifying their solutions and services to the unique requirements of these markets, these inventive firms can provide comparatively reduced fees, quicker transfer times and dedicated customer support that supplies to various form of currencies. By focusing on the cross-border business payments, these startups helps SMEs – small and medium sized enterprises to get the payments from the clients across the globe.