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Business Insider IntelligenceRemittances, or cross-border peer-to-peer (P2P) money transfers, hit a record high of $613 billion globally in 2017, following a two-year decline. And the remittance industry will continue to grow, driven largely by digital services.
Several factors will fuel digital growth globally, such as increased smartphone penetration, greater demand for digital transactions, and an overall need for faster cross-border transfers. And with the shift to digital comes an audience of younger, digital-savvy customers using remittances — a segment that companies are looking to target.
As a result, the global remittance industry is becoming increasingly competitive for firms to navigate, with incumbents like Western Union and MoneyGram competing for the same pool of customers as digital upstarts like WorldRemit and Remitly. And in order to win, companies across the board will need to prioritize the four areas consumers value most in remittances: cost, convenience, speed, and safety.
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See Also:
- THE RISE OF BANKING-AS-A-SERVICE: The most innovative banks are taking advantage of disruption by inventing a new revenue stream — here's how incumbents can follow suit
- Cross-border payments startup TransferWise just inked its first US bank partnerships, including one with digital bank Novo. We chatted with its CEO about the launch, and why an IPO is still far off.
- Cliff Asness' AQR has placed bets against Adyen and Worldline, two of Europe's biggest players in the buzzy payments space
SEE ALSO: These were the biggest developments in the global fintech ecosystem over the last 12 months
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