Challenges Faced by WorldRemit in the International Market

WorldRemit

Table of Contents
MAIN BODY............................................................................................................................................3
1. Strategic Issues..............................................................................................................................3
2. Challenges faced by WorldRemit...................................................................................................4
3. Solution to overcome from the declining market of WordRemit...................................................6
4. Implementation of WorldRemit.....................................................................................................6
CONCLUSION.........................................................................................................................................7
RECOMMENDATIONS............................................................................................................................7
REFERENCES..........................................................................................................................................8

MAIN BODY
Structure of WorldRemit
WorldRemit is an online payment tool or method that provides individuals to transfer
money in the international market with one click. It saves the time and efficiency of the
people and helps them to safely and securely save money without facing any issues such as
theft. The money can be moved from anywhere, anyplace, and anytime through the PC and
tablets as well as personal mobile phones in a few seconds, unlike traditional cash move
administration where the people need to go to qualified or skilled agents. The fee charges
amount is low and gives a good exchange rate (Alakija., 2021). The process of WorldRemit
includes SMS, email, and reference number which are generated after transferring the money
to the other person or firm. By using this, the individual can collect money from several
banks including FCMB, Union Bank, Access Bank, United Bank of Africa, GT Bank, first
banks, etc.
1. Strategic Issues
The most common and major issues which are faced by the people through WorldRemit
are as follows:Some social issues are faced by WorldRemit for a few years which affected its
overall turnover and standard in the international market.
Cyber crime is a dangerous attack a company or organisation may face. There are many
examples where the cyber attack has brought huge losses to the institution or individuals due
to the information hack. Today environment is filled with technological equipment and every
part of data is now save on computers. Cyber attacks may prove dangerous for the
WorldRemit. Hackers breach the security of the digital transaction and create difficulties in
for the consumers as well as for the company. A cyber attacks may lead firm towards
financial losses and it is a serious concern for the company. It has to pursue for more security
measure to avoid such uncertainties.
 Threats of New entry: Entry of new competitor means more chance of risk
development of existing one. Newly entered firm generally bring out numerous type
of innovation and technology as well as security which attract more customers. To
prevent the risk of this type of risk company adopt block chain tool which helps
running company to prevent the information. EU wanted to being a master of
Blockchain technology, becoming an originator in blockchain and home to vital place,
organization and application. It is the type of technology that offers individual and
company who may not trust or believe to each other for collectively agree on and
permanent recording of data without an authority of third party. By building the trust
in information in several ways are not possible but blockchain has ability to change
how to transfer the information by maintaining security and bring out online
transaction. The support of European nation towards blockchain are strong in terms of
following policies and laws. This technology majorly focus on maintaining