Remittances Saw Promise This Earnings Season – But Will It Last?

The remittances space is in the middle of a multi-year transformation as it works to respond to a changing world. Customer types, use cases and pay-in and pay-out methods are all evolving, and while we are many years from the true end of cash use, it has seen a rapid decline in many markets.

Meanwhile, the number of people sending remittances continues to grow. According to the International Organization for Migration, 3.6% of the global population in 2020 were migrants, up from 2.8% in 2000. That number is only expected to rise as climate change and regional conflicts create increased migrationary pressures, with my own company FXC Intelligence projecting that the consumer-to-consumer cross-border payment market will grow 80% between 2023 and 2030 to reach a total size of $3.3tn.