An increasing amount of money will be sent around the world over the next two years according to World Bank; and Money Transfer Applications will have a big role to play.
Every year billions of US Dollars are sent across the continents. In 2014, the total amount of remittances reached$583 billion. In 2015, global remittances are expected to grow by 0.4% to $586 billion. Money sent to the developing countries alone is expected to reach $440 billion in 2015 – an increase of 0.9% over the previous year. Although remittances have grown in 2015, it is the slowest growth since the financial crisis. But in the next two years, the remittances are expected to grow rapidly.
The remittances industry is expected to grow by 4.1% reaching an estimated $610 billion in 2016, and rising to $636 billion in 2017. Increasing number of migrants along with decent economic recovery in the world will add to these figures. According to World Bank, “the number of international migrants is expected to exceed 250 million in 2015, and their savings and remittances are expected to continue to grow.”