PayPal India Launches Wellness Program For Employees
Paypal India Aprilmanikandan The has launched a new service aimed at helping small businesses expand their international reach. With the company’s latest announcement, it is seeking to establish a market share in the burgeoning inward remittances sector in India. By 2020, inward remittances are expected to reach $1.4 billion, a 22% growth over what it generated in 2018.
Inward remittances volume for 2020 grew by 22% to $1.4 billion
Remittances are a lifeline for millions of people around the world. They can help households earn a living and improve their household expenditures, education and health. As a consequence, remittances are also a key indicator of economic vulnerability. However, in recent years, remittances have dropped dramatically. This is particularly true in fragile, conflict-affected countries. The decline is even more pronounced in poorer countries.
In fact, remittances are so important that several nations have issued a call to action to keep them flowing. Global remittances are expected to fall to $702 billion in 2020, from $719 billion in 2019, according to World Bank estimates. Even worse, remittances in poorer countries are projected to drop by even more. It is therefore critical to find financing solutions that are innovative and leverage remittances to increase microsavings, improve consumer lending and improve microinsurance.
However, the COVID-19 pandemic posed a unique challenge. Although the remittances are still intact, the volume of remittances sent and received was significantly affected by the disease. During the first three months of 2020, remittances declined from $92 million in January to $74 million in April. But remittances picked up in the last two quarters of the year, with a 67% surge in the fourth quarter. According to the Central Bank of the Philippines, the remittance decrease was 0.8 percent.
According to the IMF, the total reserve of Venezuela is estimated to be $1.4 billion. These reserves can be used as collateral to finance future remittances during times of financial crisis. Similarly, remittances can be tapped as collateral in international capital markets.
While remittances may not be important to developed economies, they are a key driver for several national economies. The remittances of labor migrants provide an alternative social safety net for at least two-thirds of the population. They also highlight the volatility of labor migration.
Tajikistan remains the most remittance-dependent nation in the world. Its economy is recovering from the war in 1999, but it is facing a number of challenges. These include poor infrastructure, low education levels and high poverty rates. Consequently, recovery depends on the restoration of remittances.
Meanwhile, in Somaliland, remittances are falling, as cash cannot be moved from Dubai to the country. Operators are reducing the number of transactions to $500 per transaction. This is the result of the disruption of the hawala system.
For several decades, Somali telecommunications has been the dominant force in the financial services sector. The government has committed to poverty alleviation, but remittances continue to be a critical part of the economy. Currently, remittances represent about half of the GDP of the country. And though it has improved its bilateral relations, it continues to have weaknesses in its financial sector.
As with most developing countries, the economy is vulnerable to external shocks. The government should be working to prevent these shocks from occurring. Rather than waiting for the onset of a financial crisis, it should seek to address remittance vulnerabilities now. There is an opportunity to use digital transfer services to create a new type of financial infrastructure.
Employees of PayPal joined the Chennai Corporation to clean up a two-kilometre stretch of Rajiv Gandhi Salai
While I don’t expect my fellow PayPal colleagues to participate in an all out clean up of the aforementioned locale, the company did take a moment out of its own booze worthy to chime in on the all too elusive fete. In addition, the company put on the most comprehensive employee wellness program in its illustrious history. Using a combination of rewards and incentives, the company helped its employees maintain a happy and healthy lifestyle. On the topic of health, the company’s wellness program boasts of a whopping 50 employees who have voluntarily pledged to donate their organs to a cause aficionados. To top off the high score, the company even provided a free medical checkup for all employees to ensure they’re in tip top shape. The company also offers a wellness program that includes access to health and fitness information, a personalized wellness guide, and other goodies. Keeping track of your physical and mental health is no small feat, especially when your job requires you to do so on a regular basis.
Scaling up existing cross-border trade business for small enterprises to gain a significant share of India’s inward remittances market
Cross-border trade is an effective means to expand your business globally. It allows you to reach new markets, acquire customers, and generate revenue in these markets. However, there are many factors to consider before you decide to start a cross-border trade operation. In order to be successful in this type of business, you need to be well-informed about the local culture and regulations of each market. You also need to be aware of how the process of sending money abroad works.
For example, if you are an e-commerce company looking to sell goods in India, you may want to consider using an authorised dealer in foreign exchange (ADFE) to transfer payments to a bank in the country. Another option is to route your payments through a prepaid money transfer service (PMTS) or an OPGSP.
Aside from the usual bank-to-bank payment services, digital payment solutions are becoming increasingly popular in developing countries. One example of the benefits of a digital-enabled payment solution is its ability to make real-time payment settlements possible. This could mean a reduction in the cost of sending money internationally.
The traditional way of sending money abroad involves high fees, a long waiting period, and a complicated paperwork process. This is a pain point for many small businesses. Fortunately, recent advances in technology and logistics have made the process easier. Moreover, banks have the resources and expertise to execute such operations for your business.
While cross-border trade offers plenty of advantages, it comes with some complexities. In addition to understanding how the process of sending money abroad works, you also need to know which legal requirements you need to comply with in each market. Additionally, you need to understand how the consumer habits in each market may affect the effectiveness of your business.
If you are looking to get into the inward remittances market, you may be surprised to learn that Western Union is not the only company taking advantage of the new digital infrastructure. Some of these startups are targeting consumers, while others are focusing on the small business side.
However, there is one thing that both options have in common. Both rely on a back-end network to deliver fast and cheap transactions. Therefore, the question is, is there a better option than the ‘traditional’?
Traditional money transfer operators typically have a large physical network, but they might not offer services tailored to the needs of low-value B2B transactions. By contrast, digital-enabled providers can disrupt both low-value transactions in emerging markets and B2B transaction flows in developed ones. These technologies will not only bring down the costs of sending money across borders, but they will also enable companies to provide a more convenient payment experience to their consumers.
As a global entrepreneur, you need to be familiar with the various policies, procedures, and regulations associated with launching a cross-border trade operation. To learn more, consult your local government and regulatory bodies for information on the different aspects of the process.
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