Blockchain’s Effect on the International Remittance Industry
Guest post by Jon Dela Cruz from iCompareFX Jon is the Researcher of iCompareFX.
The international remittance industry is big. In 2016, migrants living in different parts of the world sent more than $570 billion to their home countries. However, a number of FinTech companies in this realm have survived stiff competition, including TransferWise, InstaReM and OFX.
The field, though, remains dominated by the top three (Western Union, MoneyGram and Ria), which account for around 25 percent of the market share. Moving forward, will companies that rely on blockchain manage to make inroads?
Without blockchain, cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Peercoin and Golem would never have existed. The fact that they are decentralized and completely digital makes them ideal for cross-border transfers. For example, if you transfer money from one country to another using blockchain technology, you don’t have to use the services of
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