23 Oct '15, 9am

How the #Blockchain will redefine #remittance marketplace. #Bitcoin #FinTech

How the #Blockchain will redefine #remittance marketplace. #Bitcoin #FinTech

Remittance is the act of sending money to another party. According to the World Bank , global remittances in 2015, including those to high income countries, will reach US$583 billion with about 75% earmarked for developing market and on the behest of the 250 million international migrants. The economic recovery of 2016 will accelerate remittances by 4.1% reaching US$610 billion. Remittances to developing countries will reach US$459 billion in 2016 with the top five remittance recipient countries by value are India, China, Philippines, Mexico and Nigeria. In the Philippines, remittance is a US$26 billion industry whereas Indonesia is worth US$13 billion. The remittance data from the World Bank estimates the global average cost of sending US$200 is 8 percent of the value of the transaction, as of the last quarter of 2014. According to George Harrap, CEO and co-founder of bit...

Full article: http://enterpriseinnovation.net/article/blockchain-redefi...

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