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Cross-border, peer-to-peer money transfers — better known as remittances — are an integral part of societies around the world, especially in developing markets where receiving funds could mean the difference between life and death for families and community who remain behind. This has resulted in a massive global remittance market, which totaled $575 billion in 2016 alone, according to The World Bank.
However, this pales in comparison to what the future holds for the sector, as globalization creates greater distance between families and digital tools promise to make transferring funds both easier and more efficient.
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See Also:
- The LG Pay US launch might be delayed
- Citi has announced a direction for a new digital bank
- Apple might further open NFC access
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