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Facebook Prepares A Money-Transfer Service, But Still Needs Trust

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Tuesday, 15 April 2014 07:35

Source: Forbes
By: Parmy Olson

With more than 1 billion active mobile users, Facebook has the kind of scale to make any e-payments service jealous, but it could be years before the company gets that other important feature to running a viable financial business: trust.

Facebook has been working since at least late last year on a European-wide service that would allow end users to store and transfer money on Facebook, according to a source in the financial services industry with knowledge of Facebook's plans.

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Initiative helps bring down costs of remittances

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Tuesday, 15 April 2014 07:32

Source: Dawn

The Pakistan Remittance Initiative is helping exert downward pressure on costs of making remittances to the South Asian region, and the trend is likely to continue, says a World Bank report.

In its latest issue of migration and development brief, the World Bank says that total average cost of making remittances in the South Asian region fell to 6.6 per cent in the first quarter of 2014, from 7.2pc a year ago.

The US is a larger corridor from US to Pakistan which attracts more remittance service providers and typically is more competitive that leads to some of the lowest remittance costs in the world.

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India tops the list in earnings through remittances says World Bank Report

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Tuesday, 15 April 2014 07:23

Source: Daily Bhaskar

Indians working abroad sent back home $70 billion in the year 2013, as per a latest report released by the World Bank.

This makes India top the list in terms of global remittances.

World banks hopes that $436 billion will be sent back home in the year 2014 by international migrants belonging to emerging nations.

This amount will be double of what was recorded in the year 2013.

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Migrant Women Lift Remittances

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Monday, 07 April 2014 12:33

Source: The Wall Street Journal
By: Miriam Jordan

Even when times were tough, immigrant Silvia Navas says she never stopped sending money to her mother in Guatemala. "She needs the money to pay her utilities and other expenses," says Ms. Navas, a 46-year-old facilities manager in Maryland.

Ms. Navas and women like her are a growing force in the economies of developing countries, a new study by the Inter-American Dialogue, a Washington-based independent think tank, shows. It found that migrant women surveyed in several major U.S. cities sent money to their home countries more frequently in 2013 than men did.

Read more: Migrant Women Lift Remittances