10 Reasons Money Exchange Providers Should Deploy Remittance Kiosks ? (2023)
Money exchange houses should seriously consider investing in remittance kiosks. The traditional money exchange houses and the long lines waiting to send their hard-earned money to their loved ones are fast becoming a thing of the past. Remittance kiosks or money exchange kiosks are now being massively deployed as an effective alternative to conventional exchange outlets. The primary reasons behind the trend are pretty evident. And they are the reduced operational cost of the kiosk and improved transactional efficiency. This article will show you the rewarding benefits of deploying a remittance kiosk.
Remittance scenario and the Covid 19 pandemic
Direct investment (FDI) is regarded as the fountainhead of external funding for low and middle-income nations. And the next major source is remittance.
According to the World Bank report, the Covid 19 pandemic failed to impact global remittances. Many research scholars and organizations predicted global recession due to the pandemic. They stated that the pandemic-induced recession would badly affect international remittances. Despite all the predictions, global remittance could withstand the pandemic's adverse effects.
As per the 2021 statistics, the top 5 nations that received the most significant remittances in their decreasing order are India, Mexico, China, the Philippines and Egypt.
The developing nations of the MENA region experienced a growth rate of 7.6% in 2021. The total remittance amount increased to a whopping $61billion in the same year, which is commendable.
Features of Panashi remittance kiosk
If you want to make your remittance services available 24/7, one of the most feasible options is to deploy a well-configured remittance kiosk.
A remittance kiosk handles almost all the responsibilities of a branch teller. A pre-registered customer can quickly transfer funds to any beneficiary via the automated payment machine.
The features of Panashi remittance kiosk are listed below.
How money exchange providers benefit from the remittance kiosk?
Panashi remittance kiosk is all about improved transactional efficiency, convenience and secured transactions. The benefits are listed below.
Money exchange kiosks are one of the best means to serve the needs of the labourers deployed in the labour camps. Regarding conventional money exchange branches, the labourers must travel long distances to make remittances, which often requires hours of travelling. And after they reach the branch, they are forced to stand in long lines at the teller counter, which amounts to a full day’s work. Yes, transferring your hard-earned money becomes a time-consuming, laborious process!
A remittance kiosk saves the time and effort needed to transfer money in the conventional setup. Yes, payment kiosks facilitate instant money transfers and make the lives of labourers much easier. Let’s work together to make the remittance process stress-free and convenient for our labour friends.