The term references a specific service facilitating the movement of funds, particularly internationally. It allows individuals to remit money to recipients in other countries, often providing a quicker and more accessible alternative to traditional banking systems. For example, someone might utilize this service to send financial support to family members living abroad.
Such services play a vital role in international finance, serving as crucial conduits for remittances sent by migrant workers to their home countries. These remittances can significantly contribute to the economies of receiving nations, supporting families, and boosting local spending. The development of these services reflects the increasing globalization and interconnectedness of financial systems worldwide.
