Send money to Mom with a push of a button
At the individual and community levels, remittance flows for migrant families can be economic lifelines. As we celebrate the achievements of modern migrants, we must reflect on the impact that these mostly private flows have on families. Although the money sent is 15% of the average salary, it often represents a lifeline for millions of families.
Home is where your heart is, but sending money back home takes time. Showing id, completing forms, traveling to a money transfer location every time is tedious. How do we make this whole process easier?
Thankfully, there is a global effort to reduce transaction costs to less than 3% of migrant remittances. We are doing our part to eliminate remittance corridors with costs remaining higher than 5 percent. Technical innovations, specifically mobile technologies, can fundamentally transform the markets.
As part of our innovation workshops, we helped one of the world’s biggest remittance processor to simplify this process and designed a creative proof of concept.
If you know how to press a button, then you can send money internationally. We made it that easy.
The customer of any digital channel, such as web or mobile, would be able to implement our design. The idea is simple. Link a senders account with their preferred receiver. We can apply the connection with any variety of IoT devices. This includes a simple button device, voice-activated speaker, or a smart wearable. Regardless of the implementation, we ensure PCI compliance and industry encryption standards. So, whenever you want to send money to Mom, it takes seconds, done safely and securely.
Due to compliance, customers receive a text message in their registered phone to confirm the transaction and review the current terms and conditions, including the exchange rate valid to the time of the transfer. Regardless, remittance transactions have never been more fun or simple. Send money to loved ones with a push of a button!