Tearsheet magazine recently spoke with Ruben Salazar Genovez, Global Head of Visa Direct, about how digital remittances can help make a difference in migrant lives.
Genovez told Tearsheet that “presently, there are 200 million migrant workers that use remittances to send financial support back to their countries of origin” and he added that migrants “often leave dependent family members behind.”
When they do get jobs abroad and finally start making money, they are likely to send money back to family members in their home countries. “Remittances pay for medical bills, utilities, basic needs, and can help reduce poverty,” he says.
However, he notes there are still challenges in getting money across borders and into the hands of family members. “Someone may have a bank account, but that doesn’t guarantee that they are participating in a digital economy, and that’s one of the largest challenges that we’re going to face in the next couple of years,” he says.
This article was written by Tearsheet magazine and published on Tearsheet magazine. A subscription may be required.
