Cryptocurrencies serve an important purpose. They make international remittances transparent and convenient. Now, an increased load on the network, and no real consensus on scalability, are threats to the concept of low-fees and high-speed transactions. In such a scenario, crypto-wallets, something that LALA World provides in the form of LALA Wallet, is a preferable solution for those who want to send money across borders without the involvement of banks and payment processors. Cross-border transfer of money is important, as it brings scope of development to countless impoverished nations around the world. It helps in reducing poverty, increasing financial sustainability, and aids national economies.

LALA World majorly focuses on that section of the society which is underbanked. This section majorly comprises of migrants. About half a billion people migrate annually within South East Asia alone, and this population remains exploited. Lack of banking facilities, high transaction fees, middlemen, and no insurance, are a few things that look like a nightmare to someone who’s trying to adjust in a new environment upon migration. With LALA World, all of this will change. Partnering with governments, employers, remittance service providers, etc., we aim to empower people with LALA Wallets even before they migrate.

Cross-border Remittance, is basically an act of payment carried out from one country to another. Now, what are the daily challenges that slow down this process? First and foremost, excessive rules and regulations! They vary from country to country and are hard to follow or understand readily by a migrant. Besides involving really high transfer costs, paperwork, and time, there is no assurance since the process is vulnerable to possibilities of frauds. Also, various layers of bureaucracy ensure that you don’t get access to your money unless there’s a bank account.

Let us look at the sub-Saharan scenario. Many adults in Africa do not have access to bank accounts. The wretchedness of the situation denies people their financial freedom. Their traditional banking system is characterized by fractional reserve banking, bank bail-outs and cost to the taxpayers. On the contrary, with LALA wallet, the cryptographers are the new bankers. They run a financial infrastructure where the people are actual holders of their cryptocurrency coins. As a result, there is high potential for the underprivileged section of Africa to leapfrog some of the existing financial models and choose a smoother, advanced path.

With rapid growth of crypto-money and blockchain mechanisms, new-age money-transfer technologies are sweeping over the world. Many services in the financial sector are opening their eyes to the vast opportunities that can be created for developing and under-developed countries around the globe. Cross-border remittance is a $400 billion market and crypto-wallets aim to dominate that. Existing remittance agencies affirm that tight regulations, and policies on international money transfers, have made it more expensive to initiate payments. LALA Wallet can significantly reduce operating and regulatory costs, since each wallet will be easily available for verification.

The future of remittances depends on how virtual money and technology platforms can cut costs, increase transparency and save time. In line with its vision, LALA World will improve the lives of all people worldwide by giving instant access to financial services. As an alternative to the traditional system of remittance, LALA Wallet provides for relatively cheaper cross-border payments and in turn increases financial inclusion of low-income and migrant families by saving time and offering more transparency in services.

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