In February UAE Exchange and Ripple announced the remittance company planned to use Ripple technology for cross-border payments. Yesterday
Reuters reported that the first go-live date is Q1 2019.
The aim is to reduce the cost of transmitting money around the world. However, the savings won’t necessarily be passed on to customers. The global average cost to consumers of sending $200 was 7.1 percent in the first quarter of 2018 according to the UN. Remittances are classified as low-value person-to-person payments, and the global figure amounted to $613 billion in 2017 (source: World Bank).
The UAE has one of the highest proportions of migrants in the world. The UN estimates that the UAE’s population is 9.6 million. Its
2017 migration report shows there were 8.3 million migrants in the UAE with a large proportion (3.3 million) from India.
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