The digital versions of international remittances have played pivotal roles in rendering swifter and convenient ways to execute monetary transactions. While these have largely eliminated various friction points, the cost of remittances has also been reduced to a great extent. Transferring money digitally makes the entire process instantaneous and eradicates tedious and error-prone processes. As per The World Bank, lowering remittance fees to 5% potentially provides an additional US$4 Billion annually to African families and regional communities. This may be attributed to the competitive exchange rates offered by digital versions.

Online digital remittance services that may be utilised through various channels like Websites, iOS and Android Application cater to each indispensable aspect of security requirement, such as Authentication and Authorisation, Confidentiality and Non-repudiation. In the long run, this enables financial inclusivity. This is perfectly in tandem with the dominant trend of Smartphone penetration in the underprivileged domains. Along with hassle-free payments, such digital modes enable prompt bug fixes and foster encrypted transactions. With complete and integrated fund credits and higher transfer limits, such applications lead to easy tracking of remittances, satisfying a wide range of business and personal needs. Overall, the digital modes are highly beneficial for complying with privacy standards while ensuring scalability, efficiency, accountability and affordable costs of integration.