Worldwide, 42% of women are without bank details – without access to modern financial services. Blockchain technology provides a safe and affordable way to complete financial transactions, including global payments, and provides a unique opportunity to empower women and under-banks around the world.
Below are the stories of two women who take control of their worldwide payment histories and how blockchain technology is helping to support their families overseas.
Medical expenses, tuition fees, and unexpected bills are the norm for families who regularly make cross-border payments. However, payment services are often unreliable, slow, and expensive – putting an undue financial burden on loved ones.
As the workforce and overseas tourism continues to grow worldwide, people are looking for better ways to send and receive money. People like Sarinya Sumniangngam. Sarinya lives in the rural Nonthaburi Province of Thailand while her daughter lives and works in Japan and runs a restaurant. Sarinya’s daughter regularly sends money to Thailand to cover family expenses and to pay for her brother’s education.
Until recently, Sarinya had to drive to the bank for over an hour and fill out numerous forms to receive payments from her daughter. Now Sarinya and her family are using SBI Remit’s mobile application, which is based on blockchain technology and Runs on Ripple. This service removes the complicated paperwork, reduces the financial burden on the family, increases the speed of payment delivery, and provides visibility into when the payment is being received.
As a single mother in the Philippines, Joyce de Guzman needed a well-paying job taking her two young daughters to school. She took a job in Dubai that required a minimum of two years, which meant she wouldn’t see her daughters until after the contract ended. But the tuition fees still had to be paid.
On her lonely day off during the work week, Joyce commutes for at least two hours, standing in line and filling out complicated forms at her local payment provider to send money to her daughters. However, after all this personal time, the family does not yet have an exact time when the payment would be received. This results in multiple trips back and forth to the bank and often results in no money in hand.
Ripple focuses on the needs of women like Sarinya and Joyce and the millions of others around the world. It is time to ensure the visibility, speed, convenience, and cost that are so urgently needed for global payments. Working with more than 300 Ripple customers worldwide, relatives can send money home quickly and efficiently using the power of blockchain.