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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.

This evolution is being accelerated by a number of factors, including several wars leading to the displacement of millions, weather-related disasters resulting in the need for financial relief, a massive workforce moving to stronger economies, and increasing reliance on consumer technology, like smartphones.

Digital first remittance firms are leveraging all of these factors to challenge legacy players that have dominated the industry. These firms are able to accomplish this by competing with the likes of Western Union and MoneyGram on …read more

Source:: Businessinsider – Finance

      

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