Cryptocurrency is changing the remittance industry. New remittance businesses are gaining ground over traditional money transfer players with faster, cheaper, and secure crypto remittance solutions.
Global remittance is a huge market
Remittance is the transfer of money which is not tied to any commercial exchange. It is mainly used by foreign workers to send funds to individuals or families back home. And it is a huge market.
In 2019, according to the World Bank, global remittance flows reached $715 billion, while over 800 million people were solely dependent on the remittance income. With the current sanitary situation the financial instability in numerous emerging markets, it is expected that remittance flows exceed $900 billion by 2026.
Crypto is improving the remittance industry
Instead of being used as a speculative tool, cryptocurrency is being growingly used as a new method for global money transfers. According to Clovr, already more than 15% of remitters used crypto to send money in 2018.
The main reason for this adoption is cost. Globally, transferring money with traditional companies cost an average of 6.75% of the amount sent and can even reach almost 10% in some part of the world. Using crypto, remitters can drastically lower this cost, to less than 1% in some situations.
Traditional remittance inefficiency also drives this change. AS traditional banking infrastructures are part of the remittance route, it can take days for the money to be transferred. With crypto remittance, it only needs the confirmation of the blockchain, which only takes a maximum of 60 minutes.
TripleA offers the best crypto remittance solution
Our crypto solution enables remittance companies to accept cryptocurrency from remitters and allows recipients to receive funds in their preferred local currency. For all parties involved, the remittance process does not change. The exchange is fully and automatically processed through TripleA’s solution.
In addition, our solution makes remittance instantaneous. Our proprietary Instant Confirmation technology completely removes the blockchain confirmation waiting time. For all crypto remittances going through our solution, we run a smart analysis to instantly guarantee and confirm the transfer. This makes remittance seamless and immediate.
On top of our efficient technology, by only charging a 0.8% flat procession fee, we give the possibility to our partners to easily implement a markup while keeping the transfer cost highly competitive.
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