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What We Learned About Remittance Industry in 2015, in Charts

The article provides you with a flashback of the major touchpoints for the remittance segment in 2015. The initial wave of innovation was leveraging digital technology to reduce the cost of sending money abroad. The usage of online channels and mobile has led to multiple startups, payment channels, instruments and more choice for consumers. The push by the World Bank for lower costs in sending remittances has made these digital solutions more attractive. Apart from costs, the new-age solutions also provided enhanced customer experience, higher convenience and multiple brand options to choose from.

On the other hand, incumbents haven’t been holding back. Western Union and MoneyGram have been quick in responding to these ...

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