MoneyTransfer to India business is much larger than people think. According to the reports, more than 500 Billion USD were remitted last year, and the figure seems to touch 600 Billion USD mark in the coming years. It is quite obvious that competitiveness is the essential quality when a remittance agency wants to capture a large business chunk. The market is still growing, and it offers equal opportunity to everyone. In this scenario, only those will survive who offers best of the services. As new companies emerge on the scene with a new approach to customer-handling and servicing, people enjoy a transparent and fair pricing.
Information Technology changes the competitive landscape
Conventionally, the industry was managed by old-fashioned money exchange stores that offered manual methods of money transfer. The speed of transaction was slow, and there were issues with reliability and accuracy of money exchange. The emergence of online payment and popularity of handheld devices has fully transferred the situation. Now it is a matter of few clicks, and you send money to India or any corner of the world. The average cost of money transfer has dropped significantly, and availability of remittance operators have made the competition fierce.
Survival of the fittest is the rule
Experts say that a remittance operator offering services to Send Money Online can’t succeed in maximizing profits unless it works on a comprehensive strategy. It has to look into the interests of all stakeholders. When it meets the expectations of customers, money exchange agents, government and regulating authorities, and the workforce; then only profitability gets improved. It is needless to say that a well-planned business plan brings high levels of agility and smartness in the approach.
Two types of money transfers
Bitcoin: It becomes a valuable tool for serving the sector not covered by banks yet. As the technology improves and it meets regulatory requirements, the use of Bitcoin increases. It is the best way to manage frequent money transfers of small denomination. The industry will grow phenomenally by covering the unexplored niche.
Alternate money transfer: It is a typical “banking by phone” transfer service that doesn’t have the limitation of using Smartphones. In countries where more concentration of normal handsets prevails, the method becomes quite useful. It is popular in India, and the government is also promoting it by offering license to payment banks.
Responding to the dynamism of money remittance is a challenge, but it is quite achievable by enhancing competitiveness. When it comes about survival, operators that offer the best way to transfer money to India from USA will survive.