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All modes lead to home: assessing the state of the remittance art
Author(s) -
YUJUICO EMMANUEL
Publication year - 2009
Publication title -
global networks
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.685
H-Index - 65
eISSN - 1471-0374
pISSN - 1470-2266
DOI - 10.1111/j.1471-0374.2009.00242.x
Subject(s) - remittance , business , product (mathematics) , marketing , globalization , promotion (chess) , state (computer science) , poverty , database transaction , industrial organization , economics , economic growth , market economy , political science , computer science , geometry , mathematics , algorithm , politics , law , programming language
The art of sending remittances overlaps with migration, technological innovation and marketing – three of globalization's driving forces. All things being equal, the role of innovation with regard to remittances is to reduce transaction costs in making these transfers. Yet, other aspects of the marketing mix come into play apart from the price of sending remittances such as product user‐friendliness, the location of senders and beneficiaries, and the promotion of these technologies. In this article, I assess the state of the remittance art in terms of meeting the needs of remittance senders and beneficiaries and future directions that this domain may take due to further diffusion of innovations. Remittance technologies represent a promising direction in which cutting edge technology is harnessed to focus on developing world concerns. By enlisting the talents of the world's foremost product and service designers, private sector initiatives such as these can play a role in helping ease poverty's penalties.