Arab Today, arab today mobile phone instant money transfers on trend
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

Mobile phone instant money transfers on trend

Arab Today, arab today

Arab Today, arab today Mobile phone instant money transfers on trend

Abu Dahbi - Arabstoday

People queuing at money exchange houses to fill in remittance forms could soon be a thing of the past. More people are using mobile phones to send money home — resulting in instant transfers There is a silent revolution happening in the money transfer business. From over-the-counter and demand draft, it is moving towards mobile phones. The global remittance and payment business is undergoing a fundamental shift — from cash, demand draft and pay-orders of the past to telex transfers, wire transfers and instant cash in the present to mobile-to-mobile payment in the future. Remittance is a $350 billion (Dh1.28 trillion) annual business worldwide, of which approximately $60-$65 billion flows across the Middle East and North Africa. Most of these are channelled through the traditional systems — something that is changing. From: Gulfnews

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