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COVID-19’s Impact on the Cross-Border Money Transfer (Remittance) Market

Global cross-border remittance is a multi-billion dollar market and is a highly competitive space. According to a report by the World Bank, global remittances have crossed $689 billion. The market is currently dominated by traditional Money Transfer Operators (MTOs) such as Western Union and MoneyGram, among others, followed by banks, mobile operators, and post offices.

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