Remittances and Payment Systems

Remittances are money transfers from individuals, often migrants, to their families or friends in their home country. Payment systems facilitate these transfers, allowing people to send and receive funds securely and efficiently, whether locally or internationally. Such systems include traditional banks, online services like PayPal, and mobile apps. They enable users to exchange money quickly, supporting households and economies. Remittances can significantly impact a recipient's financial stability, often helping pay for basic needs, education, or healthcare, making them a vital part of global finance.