This is a preview of a research report from Business Insider Intelligence, Business Insider’s premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.
Remittances, 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.
In The Digital Remittances Report, Business Insider Intelligence will identify what young, digitally savvy users value in …read more
Source:: Businessinsider – Finance