International Remittances

Leveraging a digital financial services system like the one described in the Level One Project Guide for international remittance payments offer a strong opportunity for the developing world. Remittances currently account for approximately $540 Billion USD a year in transactions and the number of remittances are actually increasing year-to-year. Meanwhile, the cost of remittance fees is about 8% per transaction, totaling approximately $74.4 Billion USD per year. This is substantial, particularly for the poor, who tend to make many, low-value cross border payments.