UAE: How More Money Exchanges Are Set to Accelerate Remittances Soon
DUBAI – Major money transfer companies are gearing up to enhance cross-border payment efficiency, promising that remittances could soon arrive within minutes rather than days.
This shift is driven by advancements in technology, including stablecoins and blockchain, which aim to make money transfers faster, cheaper, and more streamlined.
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Western Union, a leader in the remittance industry, is considering launching its own dollar-backed stablecoin.
CEO Devin McGranahan indicated that this digital currency could revolutionize how funds are sent and received, particularly in markets where regulations permit. The stablecoin would serve as a stable digital dollar alternative, helping users avoid local currency inflation.
Currently, Western Union’s traditional model relies on a network of banks and intermediaries, often resulting in delays of two to three days for money to reach its destination.
By adopting a stablecoin, the company could facilitate peer-to-peer transactions on blockchain, significantly reducing the number of intermediaries involved and lowering transaction fees.
This move comes as the UAE solidifies its role as a hub for regulated digital assets. Earlier this year, Abu Dhabi entities announced a dirham-backed stablecoin to facilitate domestic and international payments, a development that could enhance remittance efficiency for the large number of workers sending money home from the UAE.
The competitive landscape is heating up, with companies like PayPal and MoneyGram also exploring stablecoin solutions.
As these innovations gain traction, they promise to reshape the remittance industry, setting new standards for speed, cost, and accessibility in global money transfers.
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