Remittance is the transfer of money to a third party. In this case, the transfer of money between individuals that live in different countries. Read this blog to learn about how blockchain plays a role in remittance ⤵️
, the remittance industry experienced significant growth in the past years, up 8.8% in 2017 and 9.6% in 2018.
In addition to the high fees, most remittance solutions rely on third-party services and financial institutions. The need for multiple intermediaries makes the current system highly inefficient. Not only because the services are expensive but also because transfers may take days or even weeks.
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