The World Bank recorded remittances of almost $466 billion in 2017. This was reported to be 8.5% higher than 2016’s $429 billion. This is for low and middle income countries. Global remittances is expected to have increased by 4.6% this year.
There are several factors that limit the remittance industry including de-risking by banks and increased regulation of money transfer. The high cost of remittance service also limits people from doing so and that they simply choose banking. The global average cost of sending money in the first quarter of 2018 is $200. There are regions when it’s cheaper to receive and send money but in countries where there’s exclusive partnership between national post office systems and money transfer operators, doing remittance can be very costly.
Through the use of blockchain and cryptocurrency, it is believed that there would be major advancements remittance services all over the world. This is the main reason why ORBIS developers aim to make ORBIS platform very useful for people who needs to send and receive money from different parts of the globe.
ORBIS, a company backed by OrbisSolutions OÜ has launched an ambitious campaign to install physical Local branches all over the world. These branches will host self-service ATMs with AI-based virtual assistants on-site. If you are living in Place A with ORBIS Local Branch and you need to send remittance to Place B, it will be done hassle free and without hefty fees. At an Orbis branch, ORBS token users will be able to perform different financial transactions like payments, transfers, withdrawals, deposits, and investments. As an online service using P2P (peer-to-peer) technology, ORBIS can operate with significantly lower fees than any other bank or remittance operators.
To learn more about ORBIS, visit our official site: httsp://orbistransfer.com