Friday, March 20, 2020

The Remittance Marketplace in 2019: The Growing Role of Digital Payments, by Manuel Orozco , Kthryn Klass and Nicole Ledesma

KEY FINDINGS INCLUDE:

  • Digital or online-based remittance transactions represent at least thirty percent of all transfers to major countries.
  • Transfers (online or offline) deposited into the home country relative’s bank accounts represent at least twenty percent of all transfers.
  • Mobile wallets allow for capturing funds among unbanked individuals, including the remittance transfers they receive.
  • Money transfer operators continue to offer the lowest transaction cost compared to other types or remittance service providers.
  • Average transfer costs for sending USD $200 have remained stable at six percent.
  • There is not a single factor that predominantly explains money transfer costs.

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