THE IMPACT OF ONLINE MONEY TRANSFER SERVICE ON THE ECONOMY OF WORLDJohn October 28, 2019 0 COMMENTS
Online Money Transfer is one of the greatest success stories in the history of mobile modernizations. Almost every person is benefitting themselves by using this fascinating service. Other than helping customers, online banking has made some prominent impacts on the economy of the world. The GDP’s of the states having migrants or international students and businessmen are counted to be a way higher than others. Let’s have a look at how is this service causing impacts on the economies.
ONLINE SHIPPING CONCEPT: Online shipping is an advanced concept that emerged from online shopping. Now, by using mobile apps people are spending more than they did earlier. Transactions are being made to different countries on a daily basis. Efficient Money Transferring Companies such as Ace Money Transfers are providing their services in all over the world. By using quicker services, the world is automated and it’s affecting the GDP of different states, greatly. More money is being sent to countries, who have reputed product sellers in their states. People get their desired products shipped and along with their own benefit, it’s beneficial for the state too.
For Instance, if you have a product seller in the Philippines, you will have to send money to the Philippines in order to shop for your desired product. It will add to the revenue of the person who is working there, in the Philippines and simultaneously all the revenues will be added in the GDP of the Philippines. It will cause a rise in its GDP rate. Hence, when we send money to the Philippines online, it doesn’t affect the seller only, it’s benefitting their whole state too.
WORKING MIGRANTS: The number of migrants, who are working in abroad countries to earn for their families or loved ones, is increasing day by day. Approximately, 800 million people are being supported financially by their guardians who are working in another country. More people are trying to move around than before. Almost 258 million people are working out of their origin countries. While there may be several reasons behind these, some of the prominent reasons are state poverty, inflation rate, quality of education and living status. But this ratio is affecting the economic status of different states directly and positively. According to an estimate, migrants send usually 446 billion dollars to their families in home countries, every year. This is a huge factor and is seriously affecting the GDP curve. Moreover, the money that is sent from abroad is also noticed to be more stable.
Thereby, we can say that International Money Transfers is helping the people in fulfilling their family goals, cutting poverty and stabilizing the economic condition of different states. However, to improve and appreciate this, governments can still do favors that will help both people and the government.