According to Statista:
• Transaction value in the Digital Remittances market is projected to reach US$135.20bn in 2023.
• In the Digital Remittances market, the number of users is expected to amount to 18.56m users by 2027.
• The average transaction value per user in the Digital Remittances market is expected to amount to US$9.58k in 2023.
How to Expand Your Money Transfer Services?
The financial sector has evolved substantially over the years, and the potential for further growth in digital remittance is massive. During the pandemic, it was clear that processing money transfers through traditional ways had many drawbacks. The introduction of digital remittance represents not just a new way of credit transfer or cash transfer, but also a much better way of sending money for many reasons. For this reason, fintech companies, like IBS, were established to facilitate people’s access to financial services through technologies.
Traditionally, remittances involved slow transfers, multiple parties, lots of paperwork, and high fees; whereas digital selfservice Kiosks (SSK), perform everything a remittance clerk or teller does. Through remittance kiosks, customers can choose the beneficiary from their list, choose the amount to be transferred, and make the payment by cash or credit. Remittance selfservice kiosks (SSK) extend your remit services and many other services 24/7, without needing to expand your staff or branch numbers. It’s vital to understand that this growing acceptance of digital money transfers is an indicator of the new digital economic reality.
IBS Remittance Kiosk
Whatever scale of operation you may have, IBS is committed to providing you with the most convenient solution for processing remittances. IBS Remittance iKiosks are custom-designed, which means you have the option of choosing the design, colors, components, and features. You can upload your company’s logo or a background image. An advertising module can be also added to promote your products and services while the machine is not in use. A kiosk with customizable features is a great investment for any business.
Our Remittance iKiosks are fully automated solutions with compact designs, meaning they can operate 24/7, and be placed strategically at various parts of the city, like exchange houses, banks, financial institutions, and even at public areas like malls and airports. We integrate top-notch hardware with advanced software to guarantee simplified, continuous financial transactions.
Remittance iKiosks offer the convenience of completing typical transactions such as viewing balances, printing bank statements, opening accounts, exchanging money, transferring cash and credit, paying bills, and executing international remits. For instance, if one of your customers lives in the UAE, he can remit to Germany, remit to India, remit to Qatar, remit to Algeria, remit to the USA; or absolutely anywhere. He can also receive money and withdraw it from any nearby Remittance iKiosk.
Our team of professionals integrated a Remittance Calculator within the Remittance iKiosks to help customers check the amount of money they want to transfer in different currencies. The kiosk could also process money exchange services if the customer requests so.
IBS Remittance iKiosks facilitate transferring money to family, friends, and any pre-registered overseas beneficiary with only a few clicks!
1. Select a preferred language
2. Provide your identification with a biometric or ID reader, OTP, or Username and Password
3. Receive Login details on your phone
4. Choose the receiver, amount to send, and payment method
5. Send money
6. Collect the receipt
7. No need to track the payment as money transfer is instantaneous
Companies who had implemented the Infinite e-channels management platform get the most value as it connects with Kiosk, Web app, and Mobile app. They are able to operate, configure, and monitor all channels through one core software rather than managing each channel separately. Authorized personnel can also see live dashboards and reports for each connected machine.