International Remittances: A Money Movement Lifeline Ripe for Digitization

Globally, it is estimated that 800 million people receive remittances to pay for things like food, utilities, and education—and the method for doing so has not always made it easy. According to the World Bank, global remittance inflows reached a new record of $773 billion in 2021. And while digital transformation is simplifying how people move money internationally and removing the physical barriers of traveling to a location to receive money, in many ways, the remittance process has remained basically unchanged for 150 years. Some international transfers can take days to complete, and costs are sometimes borne by the sender and the receiver, compounding the challenges for family members eagerly awaiting needed funds. During this session, leading money transfer service providers discuss the continued challenges of cross-border remittances, steps that the payments ecosystem needs to take to disrupt an outdated model and opportunities remittances have to help alleviate poverty and support local economies around the world.