Remittances to developing countries is expected to increase by 3.7% in 2018, Instant Cash Global Money Transfer said, announcing that it “is geared up to support that growth.”
Outward remittances from Oman as a fraction of total GDP are amongst the highest in the world.
Instant Cash said that 2017 was a milestone year and saw 160 per cent growth as compared to 2016.
This three-digit growth percentage is expected to be maintained in 2018.
The major corridors for global money transfer are Pakistan, Philippines, Bangladesh, India, UAE, Africa amongst others.
“Instant Cash prides itself in adopting the latest when it comes to remittance based technologies. This is evident from our growth in Oman across all corridors and especially within the Asia/Africa segment where we are initiating more and more customers into using and adapting to the new age mobile wallet money transfer as compared to the traditional bank account transfer and cash payout methods.” Philip Daniel, Acting CEO Instant Cash.
During the business meet organised by Instant Cash at Crowne Plaza Muscat, industry professionals confirmed that global money transfer continues to be a growing industry and will ensure that every expatriate across the world may have an opportunity to send money home efficiently and safely.