According to McKinsey $10 trillion is sent across borders by consumers and small businesses every year; however it is an...
MoneyGram is testing XRP for reducing both the cost of transferring money and the settlement times; Both MoneyGram and XRP traded higher on the news; Ripple has signed on about 100 banks as customers, but is also targeting remittance companies; Ripple CEO Brad Garlinghouse also tweeted that three of the five largest money-transfer companies would begin to use XRP this year. Source
WorldRemit recently entered the U.S. market and already expects it to be their biggest market by year end; remittances sent from the U.S. back to home countries have risen to $66bn from $50bn in the last 5 years; immigrants are becoming more tech savvy and companies like WorldRemit see big potential as apps like WhatsApp have helped move people to use their phones more and more; WorldRemit has been driven in large part by relying on a number of different partners to help set up their expanding network; tax issues are still a big concern and recently receiving the NY approval, a 2 year effort, sets the company up to focus on scale. Source.
Remittances is a huge business with over $600 billion remitted every year; the fintech startups currently leading are WorldRemit, TransferWise and Remitly; the WSJ breaks down the various offerings as well as the other players in the industry; includes data on the remittance market across the globe and trends in the industry. Source
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