ultimately creating a tech savvy industry that will go hand in hand with the upcoming technological innovations .
Taking the UAE in consideration , it has been discovered that these crypto-currencies lately need to come up with proper future planning that will aid in overcoming various hurdles such that they are able to successfully compete against banking and exchange house remittance offers since , even if these offers are expensive and inconvenient but they still offer some great advantages to the consumers , be it : the possibility to transfer to bank accounts , to m-wallets or to beneficiaries for cash pick-up . Therefore , the entrepreneurs addressing this market via crypto-currencies will have to overcome the road blocks including : financial inclusion , internet access and technological literacy ; lack of awareness of user friendly ecosystem provided ; liquidity issues ; and lastly the AML and CFT controls ( such that a reliable system is generated to detect money laundering and terrorism financing cases ).
However , as per the UAE Remittance Industry Research Report , firms have been witnessed as replacing their current money remitters and as a result , the traditional way of carrying out remittances is being replaced by this new one which is less complicated , in real-time , less expensive , inclusive and user-friendly . Basically , the money remitters and exchange houses involved in this industry have the required assets , the market share , the know-how and the ecosystem built ; but it has been analyzed that if re-engineering of their businesses does not take place in the years to come , they will lose the battle . Thus , the firms which are smart enough to realize the need for changes and do not hesitate in seeking advices are the ones which are expected to enjoy better chances towards a holistic progress .
Cumulatively , both the UAE remittance as well as bill payments market have witnessed a considerable growth in the recent past and are envisioned to grow at a decent CAGR by 2021 . With context to the Future Insights for UAE Remittances Market , the overall market is projected to burgeon and register massive revenues in future owing to factors such as : amplifying employment opportunities due to infrastructure developmental activities linked to the World Expo to take place in 2020 in Dubai ; expansion of airports and the Etihad rail , air and marine transport systems and road networks in the country ; internal migration ; development of nonoil private sector businesses , and surging utility prices .
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