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How immigrants are driving digital transformation of U.S. remittances
There are about 43.7 million immigrants in the United States, and remittances sent from here by foreign-born immigrants rose to $66 billion from $50 billion over the past five years, according to the World Bank.
- Categories
- Finance
- Region
- North America
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India’s Little Shops Are a Massive Banking Network in the Making
Indians who still rely on cash are a ready-made financial-services market and a lucrative sideline for the corner store.
- Region
- South Asia
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International remittances to exceed $600bn in 2018
The World Bank estimates that global remittances will grow by 3.4% to $616 billion in 2018. Sub-Saharan Africa, with an average cost of 9.1%, remains the highest-cost region, it says.
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Indian e-wallets are gasping for breath
Till now, using an e-wallet involved merely downloading the app, registering one’s mobile phone number, and linking it to one’s bank account. Now, customers also need to complete a more detailed KYC procedure within a year, which involves visiting a company-approved centre and getting documents physically verified. With this additional step, the industry has lost its most important pull-factor: convenience.
- Categories
- Finance
- Region
- South Asia
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Indian mobile wallet firms fear losing 40% of their customer base due to Know-Your-Customer norms
Firms such as Amazon Pay have seen a 30 percent drop in their customer base.
- Categories
- Finance
- Region
- South Asia
- Tags
- digital payments, fintech
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IndiaFirst Life launches ‘pay when you can’ micro product
Unlike other products that have a fixed premium to be paid regularly, this product offers the facility of instant payments that can be made via-online model.
- Categories
- Finance
- Region
- South Asia
- Tags
- digital payments, fintech
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Report: Africa’s mobile money operators lean towards regional interoperability
Although mobile money interoperability inside most African markets is staggered, mobile money platforms in East, West and Central Africa have opened up cross border mobile money transfers.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Kenya won’t force a spin-off of the world’s leading mobile money service after all
Almost exactly a year ago, a report from an independent consultant to Kenya’s telecoms regulator, sparked uproar and panic. It recommended the government look into breaking up the dominant mobile operator Safaricom by spinning off the even more dominant mobile money service, M-Pesa.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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