April 29, 2020
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.
With the COVID-19 pandemic outbreak, the topic of global remittance finds its relevance. The World Bank’s latest estimates suggest that “global remittances are projected to decline sharply by about 20% in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown.”
The international remittance market is expected to see an impact for several reasons: